- September 23, 2016 -
ICYMI: WSJ: “CLINTON’S 65% KILLER DEATH TAX”
“She Also Knows Most Of Her Rich Friends Will Set Up Foundations, As She And Bill Clinton Have, To Shelter Most Of Their Riches From The Estate Tax.” – Wall Street Journal
Clinton’s 65% Killer Death Tax
Wall Street Journal
September 23, 2016
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Hillary Clinton says she wants the votes of Republicans who are troubled by Donald Trump, but you wouldn’t know it from her continued left turns on the economy. On Thursday she decided that her proposal to raise the death tax to 45% from 40% isn’t enough and endorsed even higher levies that would apply to thousands of estates.
Though she defeated Bernie Sanders in the primary, she is adopting the socialist’s death-tax rate structure. She’d tax all estates over $10 million at 50%, apply a 55% rate on estates over $50 million, and go to 65% on assets above $500 million. The 65% rate would be the highest since 1981 and is another example of how she is repudiating the more moderate policies of her husband and the Democrats of the 1990s.
The left claims only the super-wealthy will pay high rates, but the Sanders plan that Mrs. Clinton is copying did not index exemption levels for inflation. One reason a bipartisan movement emerged to reform the death tax in the 1990s was because the then 55% rate engulfed ever more taxpayers over time. Mrs. Clinton would also end the “step-up in basis” on stock valuations for many filers, triggering big capital gains taxes for a much broader population.
She also knows most of her rich friends will set up foundations, as she and Bill Clinton have, to shelter most of their riches from the estate tax. As Americans have learned, these supposed charities can be terrific vehicles for employing political operatives while they wait for Chelsea to run for the Senate.