Fiscal Policy: The new year saw the death of the estate tax. But like Freddie Krueger, this epitome of class warfare and wealth redistribution is sure to return to wreak havoc among the living.
Once dubbed the “Paris Hilton” tax, the levy is supposed to target the inherited wealth of the super-rich who really didn’t earn it or don’t really need so much of it. Or so we’re told. But at some point, even inherited wealth was created and taxed in its creation. The death tax is double taxation, and just because you can’t take it with you doesn’t mean the government should take it from you or your heirs.