Senator Elizabeth “Pocahontas” Warren is at it again. She has introduced a bill in the US Senate with a price tag of $550 Billion to fund the construction of new housing for low and middle income folks. And where is the money going to come from? Natural, raising taxes. In this case, she wants to re-institute estate (death) taxes including raising them above where they were before.
This is yet another crazy and unjust move by a liberal to penalize those who have accumulated wealth. She does not recognize that the dollars or value in an estate have already been taxed through income tax and sometimes through capital gains taxes. She wants to tax the dead for their success yet again.
What is the result? In the past we have seen families lose farms or have to sell off farmland to pay estate taxes. We have seen families lose businesses that have been built through entrepreneurial efforts because they had to be sold to raise money for estate taxes.
I can offer a first hand experience. I had family members that owned a daily newspaper in our town. It was a very successful newspaper in the day when newspapers were valued and sought after. But we had several elderly owners that did not have significant other assets beyond the value held by their share of ownership in the newspaper. That paper had to be sold to satisfy the payment of estate taxes. The family lost ownership that had been built by a single family member beginning in 1897 and passed down through a couple of generations later. Again, income had been produced by this newspaper through the decades and income taxes paid all along.
What Warren is proposing is about as unfair as it gets. Accumulated wealth and pay taxes along the way through effort and success and then get taxed again when you die and want your family to be able to carry on with benefit from your efforts. Think about it.
Warren has again shown her socialist/communist colors. Fortunately, this bill if approved by the Senate, and a companion bill introduced in the House by Democrat Emanuel Cleaver will never seen the time of day in the US House of Representatives as long as Republicans have a majority.
So, we have one more reason to take back the Senate, increase the Republican majority in the House of Representatives, and take back the White House in the coming election.