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Monday, April 20, 2015

Republicans and the rich cry about the estate tax, yet the total paid to the government last year was a pittance

Republicans and wealthy people cry about the estate tax, yet the amount of estate and gift tax paid to the Federal Government in  FY 2014 was a paltry $685 MILLION. (Not even a billion.)

You can see the numbers here below, from the Daily Treasury Statement.

















Once again I will repeat that the vast majority of tax revenues come from employment taxes, which are taken from working people. Both the president and Congress decided to raise those last year.

Republicans crying about the estate tax is ludicrous and seriously whiny.


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6 comments:

  1. UnknownApril 20, 2015 at 5:20 PM

    I first read that Republicans are seriously whinny. But that would be from the other end of the horse.

    ReplyDelete
  2. db68April 20, 2015 at 5:45 PM

    http://www.washingtonpost.com/blogs/wonkblog/wp/2015/04/09/the-rich-get-government-handouts-just-like-the-poor-here-are-10-of-them/?tid=sm_fb

    ReplyDelete
  3. UnknownApril 20, 2015 at 10:41 PM

    The GOP can just pass a law deeming that the deceased rich never really died.

    You know, just deny that death affects the rich, sort of, if not much the same approach taken with global warming, facts and science.

    Problem solved !

    ReplyDelete
  4. Dan LynchApril 20, 2015 at 11:54 PM

    The estate tax is mostly symbolic because it can usually be avoided with good estate planning.

    Likewise the gift tax is almost never paid because there is a $5 million lifetime limit before the gift tax kicks in.

    If we want to tax unearned wealth then we probably should just tax wealth, period.

    ReplyDelete
  5. Tom HickeyApril 21, 2015 at 11:28 AM

    If we want to tax unearned wealth then we probably should just tax wealth, period.

    This is pretty much Michael Hudson's approach. Assume that economic rents and rent-seeking increase with increasing wealth and really kick in at the level of great wealth that translates into power.

    As Hudson points out, the economy did just fine under a top tax bracket above 90%. The Laffer curve is a joke based on which the wealthy laugh all the way to the bank leaving everyone else crying..

    ReplyDelete
  6. Dan LynchApril 21, 2015 at 11:38 AM

    Right. It hinges on whether you buy into the "just desserts" theory of wealth and income, as most Americans have been brainwashed to believe.

    I tend to agree with Ian Welsh that absolutely nobody "earns" exceptionally high wealth or high income.

    ReplyDelete