Another broadside on the death tax from the WaPo, this one courtesy of Sebastian Mallaby. There are some whoppers in here. Much as we hate to repeat the errors of the opposition, we will, if only to set the record straight. For starters, Mallaby refers to the death tax as, “the tax that limits what the super-rich pass on to their children.” Later, quoting Teddy Roosevelt, he says, “People understood that government has to be paid for, and that it makes sense to raise part of the money from a tax on ‘fortunes swollen beyond all healthy limits.'”
Decrying the alleged loss to the federal treasury, he says, “If the abolitionists [that would be us] succeed, some other tax will eventually be raised to make up for the lost revenue.” Has he not read the non-partisan Joint Economic Committee report that found that this tax actually cost the federal treasury more than it brought in?
Finally, he closes with this: “Repealing the estate tax is like erecting protectionist barriers around the hereditary elite.”
And so we ask again: Do we look like hereditary elite to you? Check out the Death Tax Chronicles and count the “hereditary elites” among them. We’ll save you the trouble: there are none. These are men and women — manufacturers all — who own family companies and will pass the companies on to the next generation. They create jobs, they create prosperity and wealth for their employees and communities. Remember, a $10 million or $20 million manufacturing company is very small. As you’ll see from the comments to our last post on this topic, these are folks who are running small manufacturing companies, trying their level best to compete.
In fairness to the Post, they actually ran an opposing view — supporting permanent death tax repeal — from Sen Jeff Sessions (R-AL). He gets it dead-on right.
So here’s the link if you want to reply to the Post about the Mallaby piece and here’s a link where you can — no, must –drop a note to your Senators, urging them to keep the death tax permanently buried. The vote will likely be this week.
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