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06-12-07
And I think the inheritance tax should be abolished. That money will be taxed normally when it becomes part of the assets of the inheritee. That's one of the things that's killing family farms and small business in America.
The farmer's land is worth 6 to 8 figures, depending on its proximity to a large city, but it only produces a middle-class income, which slowly dwindles from one generation to the next as land has to be sold off to pay the death tax.
Let's throw BIG OIL into the mix here. The average gas station with convenience store is a franchised multi-million dollar property, but it produces ONE middle class income for the owner, and a few low class incomes for the employees. When the owner dies, it will likely be sold off to pay the death tax on the property value alone.
But I suppose you could set limits on the money involved, which we do, that opens up the criticism of hypocrisy. If we're for inheritance for the poor and middle-class, why not for the rich and successful? |