Perpetuating American Aristrocracy
What are the Tea Partiers thinking when they support eliminating the estate tax?
The United States of America was founded solidly on the principle that aristocracy was not conducive to a free democracy.
The estate tax (the law of inheritance) was designed so that wealthy families could not keep passing along that wealth that would then perpetuate a family’s influence over government.
In other words, the estate tax reduced the likelihood of an American aristocracy.
In any event, on December 17, 2010, President Barack Obama signed the Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act of 2010.
The law sets the tax exemption at $5 million per person BEFORE any tax is levied. Only those who pass along more than $5 MILLION to their children or grandchildren are affected.
Any family able to pass along more than $5 million is an aristocracy in the making.
<IMHO> Fred Jacobsen
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- Wall Street Fraud Watchdog Urges The U.S. Congress To Bring Back The Home Buyer Tax Credit To Include Investors For An Instant Positive Economic Impact (prweb.com)