Tax reform will be enacted someday. At this point, I would like to submit a modest proposal. I believe that great concentrations of wealth are destructive to democracy and that the progressive income tax is the fairest tax of them all. Therefore I oppose a flat tax and the elimination of the inheritance (death) tax. However, I am willing to compromise if the GOP will settle for either the flat tax or the retention of the inheritance tax, but not both the flat tax and the elimination of the inheritance tax.
If GOP lawmakers insist on a flat tax, then I propose that the inheritance tax be set at 100% above $1 million. We support a level playing field and this would ensure one, by eliminating inherited wealth. The $1 million could be split among the heirs any way the deceased chose. There would be no escaping the inheritance by setting up charitable foundations. So either a progressive income tax to fund government or a confiscation of wealth upon death to eliminate great concentrations of wealth and preserve our democracy. We must have one or the other tax. Let the GOP choose which they prefer.
- Conflicting Views on Indiana’s Proposal to Eliminate Inheritance Tax (lawprofessors.typepad.com)
- Video: What is a Flat Tax? (turbotax.intuit.com)
- Caron & Schmalbeck: Should We Tax Inherited Wealth? (taxprof.typepad.com)