Jon Kyl’s article (Jan. 1), in which he uses the inflammatory term “death tax” to refer to the estate tax, is an astounding example of how very rich people attempt to convince ordinary folks to allow them and their descendants to become richer.
To his credit, he is entirely up front with the information that this tax only applies to estates that amount to $3.5 million or more, and the first $1 million would be exempt from the tax.
Sen. Kyl quotes the Wall Street Journal that entrepreneurs amass this money in order to pass it on to their children. Perhaps if they couldn’t so easily do that, they would put their money into a foundation or contribute it to a charity.
The stale argument that it is good for a few people to have lots of money because they will employ the rest of us is totally outdated in our current economy. Wealthy folks have contrived to keep wages so low that there is now a huge population of “working poor,” those folks who work full-time or even have more than one job but who cannot live on their salaries. The rest of us then subsidize their employers by providing the working poor with AHCCCS for medical care, food stamps and food banks for groceries, and if they are very fortunate, providing them with a small government-subsidized apartment or putting them on a list for a far from luxurious or spacious Habitat for Humanity home.
Repealing taxes on huge inheritances is almost as bad as the current law we have for exempting income above $106,800 from Social Security taxes.
We can help bring down the national debt by eliminating such advantages for only the very rich.