Bill Moyers and some hyper-rich pukes don't like the death-tax repeal... a suggestion:

fury at Bill Moyers on PBS | 17jan03 | me

[demosthenes the elder]

So Bill Moyers and a pack of phenomenally hyper-rich folks don't like the idea of repealing the death-tax. They keep spouting inanities about concentrations of wealth, about how the end of the death tax will create an american aristocracy and a huge sea of penniless serfs. I somewhat suspect that the opposite is true, that the death tax as practiced thus far has done incalculable damage to the working poor and middle classes by ripping the fruits of their generations of effort away from their descendants. Farms DO get foreclosed. Mom&Pop shops DO close down. Family homes DO go on the chopping block. Conversely, the hyper-wealthy have always been able to afford the tax-lawyers and shelters and offshore scams to hoard their wealth and scape the death tax. To Chuck Collins and the Elder Gates... if you are so darned worried about your kids being "overpriveledged", why not just give ALL of your money away to charitable organizations in your Wills? Dumb-asses! Who are you trying to fool?!?

A modest suggestion to the "Resposible Wealth" idiots and liars: Let the death-tax live on in a new form, one which only hammers those who inherit over 100,000,000 2003 US dollars in mixed assets. Leave the rest of us (you know, the poor and hardworking 99.5% of the population) to accumulate family wealth. That, and only that, will "close the wealth gap" that you folks shed such copious crocodile tears bemoaning. end of rant.

[demosthenes the elder]

the URL for these jackanapes is: http://www.responsiblewealth.com

Please, FReep their pants off!

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[bigfootbob]

The dirty little secret about this is because they are well to do, they can afford to insure their estates and take advantage of our convoluted tax code to benefit their bottom line come April 15th.

[demosthenes the elder]

FReep the creeps.
you got a ping-list? use it.

[expatpat]

They are wrong about a broad concentration of wealth. Long before estate taxes were invented, families would go from riches to rags, usually due to dissolute sons and grandsons wasting their inheritances.

[isthisnickcool]

What business is it of Bill Gates Sr. to demand that others keep paying a certain tax? He is welcome to pay the tax if it is repealed. If it's such a good idea he can give all or most of the money he has right now to the gov't tomorrow. Ya think he will? Nah!

Typical liberal pukes. Spending money that is not theirs on things that have nothing to do with them.

There is a reason we are called "the right". It's because we usually are "right" about most things. And the stupid ideas, like this one, is what's "left".

[okie01]

"Long before estate taxes were invented, families would go from riches to rags, usually due to dissolute sons and grandsons wasting their inheritances."

Which is exactly why the hyper-rich form tax-free foundations, so that their wealth will outlive their dissolute sons and grandsons.

[demosthenes the elder]

IIRC, the halflife of the typical immense family-fortune averages about 3 generations of descendants.

[demosthenes the elder]

ah, yes, a secular bid for immortality...

[expatpat]

You have a point there. However, the other part of the trick is for the foundation to hire the said sons, etc. for minimal duties, so there is money leakage there, though not as much as the old way.

[Cookie123]

Reason why the inheritance tax is SO unfair is that it is not "graduated" fairly. The heirs of some guy who has an estate of 100 million dollars still have many millions left over even after paying the tax. Then there are all the trusts, foundations and so on they can put their money in to further shield it from the reaches of the IRS. Of course THEY do not care if they have to pay the inheritance tax. Not so with the poor schmucks who would like to carry on Dad's ranch, dry cleaning business, or small construction firm. His total net worth might not even be a million dollars, but nonetheless, they are liable for the inheritance tax. After they are through paying it, the possibility of carrying on with the business and increasing that family's wealth is zilch.

[demosthenes the elder]

exactly my point... and, I suspect, theirs (their ulterior one)

[Auntie Dem]

Here's an idea that would make these rich hypocrites put their money where there mouth is. The tax law could be changed to allow an estate the option to elect to not be subject to the estate tax repeal, and all those thus electing would be publicized by the IRS. The size of the estate or the actual tax paid would not necessarily be publiced, just the fact they elected to be taxed. Since current tax law prevents the IRS from disclosing who pays taxes, or how much, a new law would allow the "to be taxed" election to be public. My guess is we would not see any of these santimonious rich basker's names on the list.

[stylin19a]

I'm thinking just the opposite. Float the trial ballon that the dollar level for applying the "death tax" will be lowered to $100,000, no exceptions/exemptions.

Watch these yahoos jump straight up and straight down.

[supercat]

My guess is we would not see any of these santimonious rich basker's names on the list.

Why not? The estate tax only affects those who can't afford to lock up their wealth in trusts. Even under the pre-Bush estate tax rules, I wouldn't expect Bill Gates' heirs to pay more than 1% of his wealth in the estate tax.

[Bullish]

Moyers is a lunatic.

[Northerner]

You got that straight. Bill Moyers is not capable of having a rational thought.

[wildbill]

Another option for these hyper-rich idiots: There's nothing stopping you from leaving your money to the government in your will--nor making a gift to the government right now.

Why not do that instead of inveighing against people who don't think the same way about their accumulated money.

[okie01]

"Of course THEY do not care if they have to pay the inheritance tax. Not so with the poor schmucks who would like to carry on Dad's ranch, dry cleaning business, or small construction firm. His total net worth might not even be a million dollars, but nonetheless, they are liable for the inheritance tax."

Tell me about it. My great aunt and uncle were wheat farmers in Oklahoma. By dint of hard work and extreme thrift, they survived the Great Depression. And, over time, like the squirrels who prepared for the future vs the grasshoppers who didn't, they were able to acquire sixteen sections of prime Oklahoma wheat land. Nobody in the family knew how much they owned until the will was read -- and we were astounded.

Some of the land was being farmed by nieces and nephews, but it all had to be sold to satisfy the estate tax.

Mine was a minor share. But, when I saw the final settlement statement and realized that the largest single distribution, by far, went to the federal government, I wanted to lay down and cry. For my great aunt and uncle, who had worked so hard to accumulate what they had. And for my cousins, who lived on the land they farmed, but now were forced to move.

For all but the very rich, the death tax is an enormous burden.

[dyed_in_the_wool]

Let the death-tax live on in a new form, one which only hammers those who inherit over 100,000,000 2003 US dollars in mixed assets.

Please tell me you'd index that for inflation...please.
Because you know that won't be that much money in 25-30 years.