The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
Powered by Movable Type 3.17
Site Design by Sekimori
WILLisms.com June 2008 Book of the Month (certified classy):
The WILLisms.com Gift Shop:
This Week's Carnival of Revolutions:
Carnival Home Base:
Trivia Tidbit Of The Day: Part 345 -- Death Tax Rates Too High In America.
Double Taxation, Without Representation-
So, the death tax cloture vote was 57-41 last week. Irritating. It needed 60 and only got 57. My sources tell me that Chafee, Pryor, and Landrieu had all apparently pledged to be among the 60, within 24 hours of the vote. All three lied.
We need to abolish the death tax. Permanently. Here's why (.pdf):
International tax competition is a good thing. The results are clear. Those with lower taxes win. They win jobs. They win investment. They win GDP growth. America needs to win the low tax competition. The death tax is holding us back.
Previous Trivia Tidbit: Europe Needs Major Change.
Posted by Will Franklin · 14 June 2006 04:30 PM
But the Democrats will fix this problem; they've been working on it for decades. Okay, not necessarily the part about "Double Taxation"... I was thinking about all of the dead voters for Democratic Candidates showing that they really CAN have "Representation".
Posted by: Mr Michael at June 14, 2006 11:53 PM
It seems to me that the right result is to kill the estate tax, but provide (i) that the estate establish and file a written cost basis (as of time of actual purchase, not death) by appraisal or other reasonable means for every material asset in the estate, and failure to do so would result in a basis of $0, and (ii) that the step-up in basis be eliminated. Then, if people sell assets they have inherited they would pay tax on the long-term capital gain, and there would be documents to support the audit. So if the IRS audits me it would be entitled to ask "where is Uncle Bob's complete set of proof Double Eagles, which had a verified basis of $300,000?" If I can't produce the Double Eagles, I would owe tax on the gain above the documented basis. Even if the documented basis were $0, the tax would be straightforward and not unreasonable (since the heir didn't pay anything to get the asset in the first place).
This system would eliminate the perverse incentives in the estate tax and perhaps even increase total revenue, since it would apply to all estates, not just the big ones.
Posted by: TigerHawk at June 16, 2006 09:45 AM