But under the heading of even a broken clock is right twice a day, I'm going to say something I never thought I'd hear myself say. I agree completely with Marco Rubio, Ted Cruz and Donald Trump about one thing: eliminating the estate tax.
I've never been much for labels, but if I had to put one on myself (besides "do not feed" and "wash only in hot water") I'd call myself a centrist Democrat. Another thing I've never been much for? Falling in step with the party line, especially positions I don't agree with. And on this one issue, both Hilary and Bernie are dead wrong.
This isn't a new position for me. I first posted about it here a little over five years ago, although not in any great detail. But the reality for me, and I imagine a lot of other people, is that I'm not feeling particularly under-taxed. During my working life, the government hasn't missed any opportunity to reach its greedy, mismanaged, politically-motivated, oversight-free fingers into my paycheck and take my hard-earned (well, hard-earned if I had a real job) money.
Whenever the time comes, and I finally catch the last train out, there's no reason my children should be taxed on what I spent a lifetime building (and paying taxes on) so they could have a better life when I'm gone. Any person who builds a business, savings, real estate or portfolio during their lifetime - and pays taxes on it all along the way - shouldn't have it all taken away or wiped out because the government wants it's share, again, when you finally take the big dirtnap.
In 2016, estates exceeding $5,450,000 in value are currently the only ones who pay the tax, which means most people don't. But that number isn't written in stone. It's written in the legislative branch and that makes it subject to change. As you can see on the chart, Hillary and Bernie both want to lower the threshold to $3.5 million. Who's to say if the government needs a little more money, maybe the next administration lowers it even further.
Here's the truth: most of the millionaires who do have to pay it actually worked hard and earned their fortunes. They didn't inherit it. They shouldn't have to pay a penalty because they succeeded, and neither should their families. The battle cry that they can afford it so they should pay it is pure nonsense designed to create class war. Do you want the government taxing or taking away what you've earned? Didn't think so.
When it comes to government, I've been taught there are some truths we hold to be self-evident. One of them should be that it's fundamentally and morally wrong to have an estate tax in the first place. It's double taxation any way you slice it, and it de-incentivizes and deters people who would otherwise bring valuable contributions and ideas to the world. It also encourages offshore shelters and keeps money flowing out of the country.
The fact there's even an estate tax at all reminds me of a line in the movie Quiz Show, when one of the characters says, "It's not exactly Jefferson and Lincoln down there anymore."
Ain't that the truth.
