A good thread. Certainly divides the liberals from the conservatives. "LOOK, society allowed families to make money and have a good life. The MAIN purpose of the estate tax was/is to prevent a FEW families from gaining control of certain industry etc. The forefathers from the old country saw this from history." "allowed families", that's rich. Hey, are we in danger of your father controlling certain industries? Remember, Vote On Tuesday! They've "allowed" us that right!
because they believe that if people are equal in they abilities, then they should be equal in outcome of their efforts, therefore any wealth above the statistical average is a stolen money.. and those money should be taken back by the society to be redistributed to the poor... read the communist idols: like Marx , Trotsky, etc, and there will be no more questions "why"
The idea of taxing wealth inheritance to reduce generational eugenics is important, and long overdue. I urge everyone to read the entire article: "... Americans are often surprised to learn that in the land of opportunity, your life outcomes are largely determined by your parents..." http://freakonomics.com/2012/01/19/...ciated-with-lower-intergenerational-mobility/ This is sort of related to this: http://www.elitetrader.com/et/index.php?threads/entrepreneurs-come-from-families-with-money.292962/
http://www.heritage.org/research/reports/2004/01/estate-taxes-an-historical-perspective The Modern Estate Tax Evolves: 1916 to 1975 In the early 20th century, worldwide conflict cut into trade tariffs--a mainstay of federal revenues--and Congress turned to another revenue source. The Revenue Act of 1916, which introduced the modern-day income tax, also contained an estate tax with many features of today's system. After an exemption of $50,000 (over $11 million in terms of today's wealth), tax rates started at 1 percent and climbed to 10 percent on estates over $5 million (over $1 billion in terms of today's wealth). Estate taxes were increased in 1917 as the U.S. entered World War I. However, this time the estate tax did not go away after the war ended. Despite sizable budget surpluses, Congress increased rates and introduced a gift tax in 1924. Like the estate tax, the gift tax is a levy on the transfer of property from one person to another. During the 1920s through the 1940s, estate taxes were used as another way to attempt to redistribute income. Tax rates of up to 77 percent on the largest estates were supposed to prevent wealth becoming increasingly concentrated in the hands of a few. Chart 1 shows the starting and top estate tax rates since 1916. https://en.wikipedia.org/wiki/Federal_Reserve_Act The Federal Reserve Act (ch. 6, 38 Stat.251, enacted December 23, 1913, 12 U.S.C.ch. 3) is an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson. -- Summary... The privately owned Fed Reserve system was established in 1913 Death and Property taxes were established 3 years later. The connection is obvious. Taxes and death taxes prevent competition to the cronies who buy the politicians. The federal reserve probably prints as much money as income taxes raise. That is why we had 700 percent inflation the last 50 years... even though our dollar was demanded all around the world. Income taxes to a country that could print trillions because its currency is used around the world are not necessary for revenue... they are are a way to control the people. We are all their sheep... at least be aware of it. they must be laughing at those who think govt is good for them.