Thursday, November 15, 2007

You Can't Take It With You

One of the "economic faithful", Brian Reardon, comes out with this, in the NRO, on the estate tax:

To its very core, the death tax is bad public policy. You don’t know when you’ll pay the tax. You don’t know how much the tax will be. And you don’t know if your estate will have the liquidity necessary to pay it when it comes due.

Not to be glib about those who have an "estate" big enough to be subject to the taxes, but after you are dead, you don't care when you will pay, how much, or if the liquidity exists. Same goes for those who say that people should have the choice. I agree. Spend, donate, or "recycle" the money while you are alive. Lord knows, you can't take it with you.

As an aside, best quote from yesterday's session: "The meek shall inherit the earth. But, they must do so on a stepped up basis."

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