Chuck Collins: Congress should reinforce the inheritance tax, not scrap it

[LuckyTheDog]

Real wages have stagnated for decades. Homeownership rates are down. College debt is weighing down young people entering the workforce. Millions of low-wage workers eke by on a minimum wage of $7.25 an hour.

As the American Dream slips away for millions of people in this country, one faction of Congress is doing its best to aid a select group of folks that least needs a helping hand: trust fund babies.

More than 222 House members — nearly all of them Republicans — have co-sponsored legislation to abolish America’s inheritance tax, a levy that only applies to the estates of multi-millionaires and billionaires.

More here: http://wonkynewsnerd.com/chuck-collins-making-world-safe-trust-fund-babies/

[jwirr]

1. Especially since we are going to experience the passing of a great deal of wealth to the next

generation that they did not work for. I do not mean we should make them poor but this is a very good tool to redistribute the wealth that has been accumulated in the last years through various means. Let them first pay for the profiteering that has been making them wealthy and then pass what it left to their children.