Barring legislative action before the end of the year the Federal estate tax — also known as the death tax — will return on Jan. 1, 2011. That means the Feds will steal 55 percent of the estates valued at more than $1 million of people who die after Jan. 1.
Elected elites and their media lapdogs have successfully sold the argument that only the rich pay estate taxes and therefore those taxes are justified. But add the value of a home, a retirement account (such as a 401k) and a little bit of savings and other real property and it doesn’t take long to pass the $1 million threshold.
That’s going to saddle the heirs with a hefty tax bill or subject them to losing a portion of their inheritance: wealth their parents worked hard to acquire. Yet the elected elites want to confiscate hard-earned wealth from the achievers and redistribute it. This is a basic tenet of Marxism.
The right to own property and control it is basic to freedom. The elected elite know this and that’s why they love to find ways to steal property from the populace.
Thomas Jefferson realized this and he wrote:
“To take from one because it is thought that his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers have not exercised equal industry and skill, is to violate arbitrarily the first principle of association — the guarantee to every one of a free exercise of his industry and the fruits acquired by it.”
If it’s not bad enough that the elites are denying to everyone “a free exercise of his industry and the fruits acquired by it,” this is just one of the many of President George W. Bush’s tax cuts that expire at the end of 2010. Without Congressional action, 2011 will yield the largest tax increases in U.S. history.