Following up on Friday's post, Hillary Clinton Proposes Raising Estate Tax Rate From 40% To 65%: Dilbert.com, Why I Switched My Endorsement from Clinton to Trump:
As most of you know, I had been endorsing Hillary Clinton for president, for my personal safety, because I live in California. It isn’t safe to be a Trump supporter where I live. And it’s bad for business too. But recently I switched my endorsement to Trump, and I owe you an explanation. So here it goes.
Clinton proposed a new top Estate Tax of 65% on people with net worth over $500 million. Her website goes to great length to obscure the actual policy details, including the fact that taxes would increase on lower value estates as well. See the total lack of transparency here, where the text simply refers to going back to 2009 rates. It is clear that the intent of the page is to mislead, not inform.
So don’t fall for the claim that Clinton has plenty of policy details on her website.
She does, but it is organized to mislead, not to inform. That’s far worse than having no details. Trump Plan Raises Taxes For Millions Of Low- And Middle-Income Families https://goo.gl/rBTg30The bottom line is that under Clinton’s plan, estate taxes would be higher for anyone with estates over $5 million(ish). I call this a confiscation tax because income taxes have already been paid on this money. In my case, a dollar I earn today will be taxed at about 50% by various government entities, collectively. With Clinton’s plan, my remaining 50 cents will be taxed again at 50% when I die. So the government would take 75% of my earnings from now on.
Yes, I can do clever things with trusts to avoid estate taxes. But that is just welfare for lawyers. If the impact of the estate tax is nothing but higher fees for my attorney, and hassle for me, that isn’t good news either.
You can argue whether an estate tax is fair or unfair, but fairness is an argument for idiots and children. Fairness isn’t an objective quality of the universe. I oppose the estate tax because I was born to modest means and worked 7-days a week for most of my life to be in my current position. (I’m working today, Sunday, as per usual.) And I don’t want to give 75% of my earnings to the government. (Would you?)