Today the estate tax, tomorrow the corporate tax.
The proper tax on estates is easy: ALL assets are marked to fair market value and ALL capital gains are realized on death and transfer in the estate to heirs. There shall be NO deduction for anything. The rate shall be the same rate as for the income tax. Asset transfers to spouses shall defer the tax until the spouse passes. That's it.
The gift tax is integrated into the estate tax: ANY gifts of appreciated property shall cause capital gains to be realized and the tax paid by the donee or donor, as specified in the gift. No other gift tax shall exist.
Simple. Easy. Fair. The Bunkerman approach to government
Word of the Day
"Adumbrate" - verb [$10]
Adumbrate means to give a sketchy outline; to foreshadow.
Sentence: In his blog this week, Bunkerman adumbrates a K. I. S. S. approach to true tax reform. Hello Barry, are you reading?