(Emailed to White House on 1-9-13.)
President Obama c/o The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Dear Mr. President,
I know that you receive 20,000 letters a day and that you actually read 10 of them every day. I really do respect you for trying to get a pulse on what is going on out here.
The death tax discourages saving and investing.
The only Good Death Tax Is a Dead Death Tax
January 5, 2013 by Dan Mitchell
Just before the end of the year, I shared some fascinating research about people dying quicker or living longer when there are changes in the death tax. Sort of the ultimate Laffer Curve response, particularly if it’s the former.
But the more serious point is that the death tax shouldn’t exist at all, as I’ve explained for USA Today. And in this CNBC debate, I argue that it is an immoral form of double taxation.
You’ll see that Jared sneakily tries to include wealth taxes and death taxes together in order to accuse me of an inaccuracy, but the chart (click to enlarge) clearly shows that there are many jurisdictions that wisely avoid this anti-competitive levy.
The data is a few years old, but it’s clear that the United states has one of the most punitive death tax systems in the world.
Unfortunately, this is a good description of many parts of our tax system. We also have the world’s highest corporate tax rate and we also have very high tax burdens on dividends and capital gains (and the tax rates on both just got worse thanks to the fiscal cliff legislation).
But probably the key difference between us is that Jared genuinely thinks government should be bigger and that the tax burden should be much higher.
Though I will give him credit. Not only does he want class-warfare tax hikes, such as a higher death tax, but he openly admits he wants to rape and pillage the middle class as well.
Not surprisingly, I argue that more revenue in Washington will exacerbate the real problem of a federal government that is too big and spending too much.
P.S. Here’s a cartoon that is only funny if you don’t think too deeply about what it means.
P.P.S. You’ll notice that the video in this post has good quality, unlike the fuzzy resolution and discontinuous footage in clips I’ve recently shared. That’s because Cato’s expert on such things is back in the office and we’re no longer relying on my sub-par technical knowledge.
_________
Thank you so much for your time. I know how valuable it is. I also appreciate the fine family that you have and your commitment as a father and a husband.
Sincerely,
Everette Hatcher III, 13900 Cottontail Lane, Alexander, AR 72002, ph 501-920-5733, lowcostsqueegees@yahoo.com
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The Daily Hatch 