Dec

Dem: Estate tax is just the wealthy’s ‘obligation to the nation’

This is how leftists think. That if you work really hard and succeed you have an “obligation” to the nation to pay higher taxes.

Lawmakers, however, don’t want to delay action until next year because they are wary of enacting retroactive tax changes.

Under the House bill, estates smaller than $3.5 million would continue to be exempt from the tax. Married couples, with a little estate planning, could exempt a total of $7 million. That leaves less than 1 percent of all estates subject to the tax.

The bill passed by a 225-200 vote, with all Republicans opposed. Majority Democrats argued that a permanent tax rate makes it easier for families and small business owners to do estate planning, noting that fewer than 1 percent of all estates are subject to the tax.

“In America, it’s not a sin to be rich nor is it a crime to die rich,” said Rep. Jared Polis, D-Colo. “This bill gives our nation’s wealthiest families the ability to know exactly what their obligation to the nation that fostered their wealth will be, and it is fair and it is just.”

The bill follows the federal budget proposed by President Barack Obama. But many Republicans called for permanent repeal of the estate tax, arguing it hurts families that pass down farms and small businesses to their children.