Clinton, Buffet Renew Support For The Tax That Is Killing Family Owned Businesses

Here’s more of that leftist socialist spew from Hillary Clinton. Note the idiotic things she says about the Death Tax:

At a joint appearance with billionaire investor Warren Buffett, Clinton said the inheritance tax, due to be temporarily repealed in 2010, was a symbol of “what kind of society we are.”

“The estate tax has been historically part of our very fundamental belief that we should have a meritocracy, that we do not want a system — where we expect people to make it on their own — to be, over time, dominated by inherited wealth,” she said. “That we do believe that people should have to get out there and make their way, to a great extent.”

I don’t think any politician has ever been so detached from reality.

The Inheritance Tax does not make us a “meritocracy.” In fact, it destroys the concept of advancement by merit and replaces it with the concept of advancement by being super-rich already.

Everyone thinks that Wal-Mart and other super-corporations are crowding out the Mom & Pop stores and family farms. Wrong. The Death Tax is killing them. Here’s how:

Suppose a man started his own small business back in the 50’s or 60’s. He bought property and built up his trade over the years. He bought a house and some land and paid it off over time. When he originally purchased his property, it was a total value of, say $50,000.

Then he dies in 2007 leaving his business and property to his family survivors. Today the business and property is worth over $3,000,000. If the Death Tax was 45%, then his survivors would owe $1,350,000 in taxes as a result. If he left only $20,000 in his bank account, his survisors would have to come up with $1,330,000 to pay off the tax or the government would come in and take everything leaving them with nothing.

What is the family going to do to raise $1,330,000? They sell the business and the property thereby leaving a hole in the local market for Wal-Mart or some other corporation to come in and fill.

I can easily believe that Hillary Clinton is incapable of grasping this concept, but Warren Buffet? I guess he likes the idea of mega-corporations taking over the small businesses of America.

The Death Tax must be done away with entirely and any politician who calls for its revival should be tarred and feathered.

You can access the complete article on-line here:

Clinton, Buffett Denounce Income Gap
Scott Lindlaw
Associated Press via GOPUSA
December 12, 2007

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