I propose several other methods to Increase equality. All of them require the Rule of Law and Legislation, on the State and Federal level.
The Estate Tax assures a large transfer of wealth at death, curtailing investment in America. When people inherit too much, they tend to be less interested in helping their fellow man and more interested in themselves and acquisitions. That’s what Mrs B found out. She started the Berkshire Furniture Mart and thought the next generation were dilettantes! Note: This story has been resolved and best told by Warren Buffett who continues to work with her family.
However, mankind doesn’t change, nor is mankind self regulating, that’s why we have Laws. Don’t tax the first $7 million passed on in estates . Than have progressive taxation from $7-25 million, $26-100million & $100 million and up . Simple math. Simple system.
- 35% for those in the $7-25 Million category
- 45% for the next category
- 55% for those assets of $100 million and up
- Twenty years ago, an estate valued at $1 million was taxed at 55%, while large trusts and foundations were exempted on a customized basis. Why should “we the People” pay the brunt of revenue to State and Federal coffers? Isn’t time for the wealthy to pay their fair share, too?
Therefore, while there’s room for debate, this is another proposal that goes against the Republican grain and should be pursued by representatives of “we the people”.
- This is more than fair when you consider overall tax evasion in America is equivalent to our National debt, according to Thomas Piketty.
We the People require revenue to fund our Institutions and our right to education and services. Why shouldn’t the wealthy contribute? They were never exempt before.
Our State of Inequality didn’t come from Immigration, it came from our system of taxation that allowed those in the upper brackets to profit off of the backs of the Middle Class. I’m only suggesting rebalancing our Economy to support more equal opportunity.