THE DEATH TAX
Sean O’Donnell: ‘The (relatively non-partisan) policy wonks in have beaten the issue of death taxes to, well death, and the conclusion is nearly unanimous that the compliance cost of this tax (the cost to the public and private sector of administering the tax) and the cost as a result of economic decisions being made to avoid the tax are greater than the revenue.’
☞ Economic decisions like huge grants to charity? One of the unintended consequences of ending the tax, I fear, would be a huge blow to charitable giving. I do agree it would be wise to simplify the tax and close the loopholes. Also, probably to raise the exemption to $5 million, so it would really apply to only a tiny handful of fortunate families – who, even after throwing in some of their chips at the end of the game, would have to be considered winners.
There is a provocative piece in The Nation which I think merits part of your weekend. It has nothing to do with money, only your nation. The Nation, as many of you know, is proudly liberal in its orientation, which instantly closes some minds.
Give it a shot anyway, and then send me your thoughts. The only line of objection I rule out out is the line that goes ‘this topic is not fit for public discourse.’ Quite the contrary, this topic is called ‘American History,’ and it will be taught and debated for years to come.
Quote of the Day
It turns out that advancing equal opportunity and economic empowerment is both morally right and good economics, because discrimination, poverty and ignorance restrict growth, while investments in education, infrastructure and scientific and technological research increase it, creating more good jobs and new wealth for all of us.~Bill Clinton
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