...who was alleged to have said to some aids back in the 1950s something to the effect of "Now, you take the average guy, who is making $150,000 a year..."
The Wall Street Journal editorializes on possible compromises in the effort to repeal the death tax: "On the plus side, estates under $10 million would be exempt from tax beginning in 2016. And estates between $10 million and $25 million would pay a 15% rate. This would help a great many middle-class savers and entrepreneurs who've managed to sock away a nest egg or build a small business over their lifetimes."
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I am no great advocate of the death tax, but I do have some qualms about the long term effects of allowing the creation of a large hereditary economic elite whose wealth has no connection to production. I think many would see their self interest in promoting status quo government economic policies rather than a competitive economy, and all too many would be flat out socialist. Take your pick: Multi-millionaire fascists for stasis or multi-millionaires against capitalism. A growing number of such people, many with hundreds of millions of dollars or even billions, could well have extremely negative effects on the country.
I have yet to see any advocates of repeal address that issue.
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