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Hugh Hewitt Book Club

Resurrecting the Death Tax

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The president-elect campaigned on keeping the death tax but only on estates greater than 3.5 million per person –$7 million for married couples.

But, the Wall Street Journal reports, the Congressional Democrats want it back to where it was in 2001 when George Bush began its rollback –at 55% on everything above $1 million.

Either plan is a massive tax hike above current rates, and the GOP has got to loudly oppose both plans every step of the way. Even after the slide in home values, millions of Americans have estates that will be worth more than $1 million, and they and their heirs will quickly recognize that Obama’s “change” has put a bullseye on their life’s work.

Very few operations of the government are as repugnant as snatching a huge portion of a dead person’s life savings just because he or she wasn’t well advised in the small print of tax avoidance strategies.

Hughniverse

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