tag:blogger.com,1999:blog-18376180.post113200350194799208..comments2023-12-15T00:28:13.378-08:00Comments on Federalist Society -- University of Washington Chapter: Class Warfare and Social MobilityJuvenalhttp://www.blogger.com/profile/13395140346798161677noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-18376180.post-1132687203369064952005-11-22T11:20:00.000-08:002005-11-22T11:20:00.000-08:00How dare you. Clearly you're a socialist commie-n...How dare you. Clearly you're a socialist commie-nazi who can be likened most closely to Hitler.Orrin Johnsonhttps://www.blogger.com/profile/10382255042012493580noreply@blogger.comtag:blogger.com,1999:blog-18376180.post-1132679136219095962005-11-22T09:05:00.000-08:002005-11-22T09:05:00.000-08:00Hmmm... Maybe she did say 2011. (She also agreed ...Hmmm... Maybe she did say 2011. (She also agreed with you, by the way.) Regardless, $675,000 isn't a ton of money, and if it drops back to that, I have no doubt small family businesses would be the hardest hit.<BR/><BR/>Like I said, I don't lose tons of sleep over it. But I still think it's not the best way to garner government income. I think instead, inheritance should be subject to an income tax by the reciever, taxed like any other income. More fair, fewer loopholes, easier to understand.Orrin Johnsonhttps://www.blogger.com/profile/10382255042012493580noreply@blogger.comtag:blogger.com,1999:blog-18376180.post-1132677394949875812005-11-22T08:36:00.000-08:002005-11-22T08:36:00.000-08:00I agree that it's not high on the list of outrages...I agree that it's not high on the list of outrages. But two things need to be pointed out - first, according to the lawyer I live with, the estate tax limits go away in 2008, which means that ANY inheritance is subject to the tax. (Although the exception will likely be renewed.) Second, the author of the piece I was commenting on wanted MORE estate tax to lessen the gap, which I DO find objectionable.Orrin Johnsonhttps://www.blogger.com/profile/10382255042012493580noreply@blogger.comtag:blogger.com,1999:blog-18376180.post-1132617988266168372005-11-21T16:06:00.000-08:002005-11-21T16:06:00.000-08:00I disagree somewhat that the estate tax hampers me...I disagree somewhat that the estate tax hampers meritocracy, because the arguments for it assume that the wealth pool is limited. Even though I don't lose a ton of sleep over it, I think it is unnecessary and leads to a conception that "that rich guy has MY money." I think it also discourages people from producing and thus adding to the economy later in their life. Without question it encourages foreign investment and shelters, meaning it becomes lost to this country any way.<BR/><BR/>Every tax of that sort can be individually justified in a similar way. Those justifications can even be persuasive to me, especially knowing how carefully you look at those issues. But as you correctly note, to make it fair, you have to build a metric bajillion exceptions into the law, and that only favors people who can afford good lawyers. And then it goes to the government, which will without question use that money less wisely than the most obnoxiously rich Paris Hilton-esque heir.<BR/><BR/>Complicated tax codes are the perfect example of the road to hell paved with good intentions. Populist taxes have negative consequences. To ameliorate them, exception upon exception is created. Creative lawyers for the rich take advantage of the exceptions. To prevent the rich from using exceptions "not meant for them," MORE amendments are created to the code. And the cycle continues. <BR/><BR/>The ones who suffer most are the small family businesses which have been quite successful, but haven't yet reached the point where the owners sit in their opulent libraries drinking brandy and contemplate which MLB players to recruit as ringers for the company softball teams. They can't afford the army of tax lawyers and accountants to hide all their money.<BR/><BR/>I think the better overall policy is LESS exceptions, and lower overall rates. That keeps the playing field more even. I won't go so far as to advocate a full on flat tax, or no exceptions at all that are currently in place to encourage the personal risk of getting things started. But I do think less is more.Orrin Johnsonhttps://www.blogger.com/profile/10382255042012493580noreply@blogger.com