I would be very interested in Mr. Richard Vance’s basis for believing that “by eliminating the estate tax, we would be allowing these millions or billions of assets to pass endlessly to future generations without ever being taxed” (Oct. 11). Where is it written that society is “entitled” to my property without my consent?
By my reckoning those “millions and billions” have already been taxed by governments at various levels. Why does double jeopardy attach to my estate?
If I earn a buck at my job I pay the requisite taxes (income, Social Security, etc.) on it. I am then free to take what is left and spend it, upon which I pay a sales tax. If I choose instead to invest it and make a profit, I again pay a capital gains tax on that profit. If my investment earns a dividend or interest, I pay tax on that. Please take note that the company which pays me the dividend or interest has already paid a corporate tax on the money prior to it being paid to me! So having been thrifty through my lifetime, according to Mr. Vance, my thrift has to be punished again via taxation upon my death. (A better definition of a DEATH tax I can’t imagine!) It seems to me, having already paid a lifetime of taxes on my assets, I should be able to ensure that my money and property goes to the person or entity of MY choosing and not Mr. Vance’s!
If Mr. Vance still believes that “society is entitled” to a piece of my hard-earned estate upon my demise, why then am I not entitled to drop by Mr. Vance’s home to pick up his TV or other valuables? After all, I might need his stuff more than he! Fair is fair!
The Death Tax should be permanently eliminated from the tax code. It is nothing more than the means for society’s “takers” to get their hands on someone else’s industry without having to work for it. Period!
FRANK OBERG
Greece
I would be very interested in Mr. Richard Vance’s basis for believing that “by eliminating the estate tax, we would be allowing these millions or billions of assets to pass endlessly to future generations without ever being taxed” (Oct. 11). Where is it written that society is “entitled” to my property without my consent?
By my reckoning those “millions and billions” have already been taxed by governments at various levels. Why does double jeopardy attach to my estate?
If I earn a buck at my job I pay the requisite taxes (income, Social Security, etc.) on it. I am then free to take what is left and spend it, upon which I pay a sales tax. If I choose instead to invest it and make a profit, I again pay a capital gains tax on that profit. If my investment earns a dividend or interest, I pay tax on that. Please take note that the company which pays me the dividend or interest has already paid a corporate tax on the money prior to it being paid to me! So having been thrifty through my lifetime, according to Mr. Vance, my thrift has to be punished again via taxation upon my death. (A better definition of a DEATH tax I can’t imagine!) It seems to me, having already paid a lifetime of taxes on my assets, I should be able to ensure that my money and property goes to the person or entity of MY choosing and not Mr. Vance’s!
If Mr. Vance still believes that “society is entitled” to a piece of my hard-earned estate upon my demise, why then am I not entitled to drop by Mr. Vance’s home to pick up his TV or other valuables? After all, I might need his stuff more than he! Fair is fair!
The Death Tax should be permanently eliminated from the tax code. It is nothing more than the means for society’s “takers” to get their hands on someone else’s industry without having to work for it. Period!
FRANK OBERG
Greece
