Comes now lefty columnist Harold Meyerson with an op-ed entitled, “Estate Tax Lunacy” in today’s Washington Post, opining on the death tax. It is a veritable cocktail of class warfare and conspiracy theory, at one point invoking, “A decades-long campaign by right-wing activists” aimed at repealing the tax. Do our small manufacturers look like right-wing activists to you? They’re busy making stuff, like prosperity, and driving the economy. He refers also to the “super rich” who pay this tax. Our small manufacturers are hardly that.
No matter — his piece is rife with wild near-facts. We have some real facts of our own to set him straight:
— As we noted here a little while ago, according to the non-partisan Joint Economic Committee the estate tax has cost the economy more than it has brought in, costing $847 billion in capital and raising only $761 billion in the process.
— Manufacturing is a capital-intensive industry. While a person with $10 million in cash may be considered rich to most, the fact is that a manufacturing company worth $10 million is a very small company. It is not uncommon for one piece of machinery to cost many millions of dollars.
— In order for a small manufacturer to pay the estate tax, they need to either sell the company or take on enormous debt. Why on earth would we do that to small manufacturers, who are already up against the stiffest global competition we’ve ever seen? If the company stays in the family, why would it be a taxable event?
In any event, here’s a link to the full article. Click on this link if you want to drop a note to the Post, telling them what it’s really like out there in the real world, and setting the record straight. If you want to drop a note to Meyerson, you can do so by clicking here.
And, while you’re at it, click here to weigh in with your Senators and tell them to make the death tax repeal permanent. Let’s bury the death tax for good.
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