Death Tax Update

By June 7, 2006General

Somehow we missed the fact that the even-more-liberal-than-the-WaPo (if that’s possible) New York Times also weighed in against death tax repeal yesterday with more reheated and erroneous arguments basically against the accumulation of wealth by capitalists. This time they even invoke morality, for heaven’s sake. They’re dead wrong. If they want to talk morality, where is the morality in taxing a company out of existence, ending the livelihoods of the employees?

Thanks to Andy Roth over at the Club for Growth blog for pointing out this excellent new study by Chris Edwards at the Cato Institute. We thought we were carpet bombing on the death tax these days until we saw Andy’s site. He’s all over it.

In any event, here’s a link to the Cato Institute study. It has a great chart of the top estate tax rates in 50 countries. About half have no estate tax at all. Three are in single digits. We are third on the list behind Japan and South Korea.

Mind you when you look at this chart, these are all competitors. They allow companies to pass from one generation to another virtually unencumbered. We should do the same. Click here to tell your Senators to repeal the death tax for good.

We still can’t get over the fact that the WaPo yesterday blamed the inheritors for bad management. Wow. How clueless can you get. Maybe they should just keep their editorial yaps shut unless they actually understand the issue — and the real world.