People look at Rembrandt’s painting Portrait of a Couple as Isaac and Rebecca, known as ‘The Jewish Bride.’ (Credit: AP Photo/Kirsty Wigglesworth)
Bias for the super-rich, at the expense of everyone else, lies at the heart of the tax bill that Republicans hope to rush into law without public hearings. The most outrageous example of this is a plan to make sure that the richest of the rich never have to pay taxes on their investment gains.
The tax bill would not just eliminate the estate tax. It would do something far more outrageous.
The GOP/Trump tax plan would exempt all capital gains taxes from taxation at death.
That means Bill Gates, who started Microsoft with a $50,000 loan from his parents, would never be taxed on the increased value of stocks and other appreciated property he owns when his time runs out. Nor would his children, nor his children’s children. Ditto Warren Buffett, Jeff Bezos and Donald Trump.
This is how Old World-style, inherited aristocracies are created.
There is no policy justification for forgiving all capital gains at death. People should be demanding that this not come to pass unless they think the rich need more and are overly burdened by taxes—taxes …read more