|
|
Republican Estate Tax Repeal: An Effort to Avoid Ever Being Taxed
http://therealnews.com/stories/republican-estate-tax-repeal-an-effort-to-avoid-ever-being-taxedDate Written: 2019-02-01 Publisher: The Real News Network Year Published: 2019 Resource Type: Article Cx Number: CX23379 While Sen. Bernie Sanders proposes an important increase in the estate tax, Republicans are gearing for its complete repeal. Morris Pearl of the group Patriotic Millionaires, talks about how the Republicans’ plan would help the rich from ever being taxed. Abstract: -- Excerpt: GREG WILPERT: So another common argument that Republicans make against the estate tax is that it taxes wealth twice: Once when it is earned and then again when it is inherited, or upon death, which is why they like to call it the death tax. What is your response to this argument, that it is a form of double taxation and that this is a problem? MORRIS PEARL: Well, it's simply not true. The thing is, these people, when they inherit this land, this farm, this business, whatever it is, they've never paid taxes on earning it. If someone like Sam Walton starts a business from nothing, and then it's worth $100 billion when he dies and his children inherit it, he's never paid taxes on that huge increase in wealth. Sure, he paid tax on his salary all those years. But he never paid a penny on all the unrealized capital gains as his company increased in value from nothing to tens and hundreds of billions of dollars. Then when his children inherit it they never pay tax either, because they only pay income tax on the increase in value after he dies. They want to make it so zero tax is ever paid on this huge family dynasty wealth that accumulates in our country. It's not double taxation. They want to go from single taxation has zero taxation for the billionaires. Subject Headings |