3 ms·

Millionaire only when the tax man comes calling is quite a bit different than Silicon Valley millionaire after an IPO.

• pcwalton 10y ago
  It sounds to me like the problem here is the specific combination of the state statute requiring farms to be owned by families and the federal estate tax. If so, it seems that there are multiple ways to solve this problem without wholesale repeal of the tax. Nobody wanted the estate tax to mean "the government gets 10% of Wal-Mart when Sam Walton dies". If that's the outcome that results in some cases, then fix that problem.
  • protomyth 10y ago
    Fixing the problem is pretty simple, repeal the tax. Its unseemly to tax a person when they die. Just the adding of grief (which I have recently experienced) is something we should not do to people. Plus, the continuing of this tax makes it hard for new family businesses (and a lot of minority owned family businesses are new) to build up like the incumbents were allowed.
    • pcwalton 10y ago
      You've shifted your argument to one that is not particularly convincing to someone who doesn't already share a right wing economic view. The North Dakota farm issue was interesting, as something I wasn't aware of (and thank you for bringing it up!) I'm less interested in engaging with the general libertarian argument against taxation.
    • crzwdjk 10y ago
      There's no a priori reason that property rights should survive a person's death, and plenty of arguments against allowing hereditary accumulation of wealth. Note also that currently the first $5.5 million is exempt, which is more than enough for the vast majority of individuals and even quite a few small businesses.