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November 8, 2017
Trump's tax plan benefits 'the lazy rich'?
Catherine Rampell at the Washington Post says the big winners in the tax reform bill are the lazy rich because it gets rid of the estate tax. Let's say a family over a few generations builds up a business worth $200 million and has 1,000 employees. Over the years, they develop products and pay huge amounts of income taxes, property taxes, sales taxes, and payroll taxes. They provide huge benefits for their community. Instead of a new generation getting the business without paying the IRS, Rampell believes that the federal government should get $80 million. In Illinois, they take $32 million more. My guess is that the business doesn't have $112 million sitting around, so it may have to sell, liquidate or borrow to pay the government. That is OK with the class warfare people who didn't build the business. Rampell and others would be glad to see all those employees lose their jobs as long as family members don't get that...(Read Full Post)