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100% + ESTATE TAX RATE?

July 01, 2005

Victor Fleisher of A Taxing Blog brings to our attenion a new tax blog, Everything Tax Law. The proprietor, Kreig Mitchell from Boulder, Colorado, says:

I am a tax lawyer – self-styled "the peoples tax lawyer." I fight the good fight in helping clients resolve their tax disputes with the IRS and state government tax agencies. I also help clients structure their financial affairs so as to reduce their tax liabilities. Having worked closely with these government agencies I can tell you that American society would be markedly different if tax attorneys gave up this fight. If you have never had any trouble with these agencies then statistically you are the exception, not the norm.

Mr. Fleisher calls Mr. Mitchell's posts "provocative." I think he means statements like this:

If the estate tax is repealed, then more of the Boomer’s wealth will pass to the next generation of Americans.

The consequences of such a large transfer of wealth to one generation could be disastrous for American society. One only has to think of the problems associated with today’s stereotypical trust fund kid to see what American society will look like in the future...

When these issues are considered it appears that the estate tax should not be repealed. Instead, we might need to start thinking about increasing the estate tax rate to something closer to 100% -- or higher.

I'm not sure how an estate tax in excess of 100% might work. Maybe you would make up the percentage over 100% from the decedent's living relatives, based on how close the relationship is. Ex-spouses could be in big trouble.

While it's a stretch to think the government can better squander your money than your kids, at least Everything Tax Law promises to not be boring.

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