Greenwich columnist argues FOR estate tax

A nice column in the Greenwich Time in favor of the death estate tax argues “I can’t think of a less painful time to pay taxes” and quotes Warren Buffett’s testimony to Congress that “Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy.”

The article also warns rich Greenwich residents to watch their backs:

Federal estate tax law is scheduled to expire at midnight New Year’s Eve. As a result, the estates of wealthy Americans who die in 2010 will pay no federal taxes. However, the law also provides for the tax to come back with a vengeance in 2011, with a 55 percent maximum tax rate on estates over $1 million.

My trying to explain the intricacies of tax law is like Sarah Palin trying to explain U.S. foreign policy. So I won’t. But I do know that if Congress and the White House don’t do something about the potential 2010 windfall, nursing homes should hire more security, the wealthy should hire food tasters at all family gatherings, and hospitals should be on the watch for hungry heirs roaming the halls looking for plugs to pull.

Posted by James on Friday, December 11, 2009