Opinion | Rich Kids Can Spare Some of Their Inheritance
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In America, if you play by the rules, working to earn a living and saving to provide for the future, taxes take a piece of your earnings. If you win a state lottery, you owe tax. But if you get lucky in the lottery of life and land an inheritance, you owe no federal tax. That isn’t fair, is it? Extending the federal tax code to include inheritances would end that inequity. Inheritance taxes — regulated differently in the states that have them — are a levy paid by a person who inherits money or property of a person who has died.
Extreme inequality is troubling both because it fosters gross and wasteful consumption and because it undermines the principle of political equality: Nearly unencumbered transfers of wealth permitted under current law perpetuate those imbalances, creating dynasties of the rich
and hampering economic and social mobility. wtf?? ( the bold and wtf is mine)
“Ah,” you may be thinking, “Don’t we have an estate tax to break up wealth dynasties?” We had one once. But now it arguably exist only in name. "
Just when I think the left has pandered on every topic they come up with a new one> The reality is in the very first sentence, if one works hard and makes money they have already paid taxes on it. How stupid is NYT to not understand this?
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