The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Estate taxes fall only on the very rich

Feb 19, 2001

The politicians call estate taxes "death taxes," scaring us since into thinking our heirs will have to pay this tax.

It's not true. Right now children can inherit one million, three hundred and fifty thousand dollars tax free from their two parents. And spouses pay no taxes. By 2006 the current law says children will be able to inherit two million dollars from their parents without paying any tax on it. What workers' children would ever have to pay this tax, unless their parents happened to win the lottery?

Today less than two% of all estates are subject to any estate tax at all. In fact, most of them already have innumerable ways to get out of paying their tax –the famous "loophole" affects estate taxes, like all others. And this tax takes sizeable amounts of money from a much smaller number of people in this country –2400 families, which make up the big bourgeoisie. These are families like the DuPonts, the Rockefellers, the Fords, and in the modern generation the descents of Sam Walton of WalMarts, the Dells of Dell Computer and the other new billionaires.

But not satisfied with stealing all the eggs from the hen house, these foxes want to take the eggs, the hens and the house, too.