If the man in the White House gets his way, much of the wealth a family has accumulated over a life time may be taken away from the rightful heirs and
given away to others. Oh, they call it a new tax to benefit "the middle class", but is it right? For many who are struggling financially, taking
some additional money from the "filthy rich" to redistribute might sound perfectly fair, but is it really?
President Barack Obama will call for increasing taxes on the wealthiest Americans by raising the capital gains rate and eliminating a tax break on
inheritances, then using the revenue to fund new tax credits and other cost-saving measures for the middle class.
The president's address — his first to a Republican-led Congress — will also include calls for lawmakers to make community college free for
many students, increase paid leave for workers and enact broad cybersecurity rules.
Put it in a more personal scenario.
Say your momma and daddy worked their whole lives to achieve a dream and became extremely wealthy.
Say they made some wise investments and managed their wealth smartly and with diligence and shared some of it along the way. Not only did they pay
their taxes, but they gave a good portion of it to charitable causes.
Now you and your siblings get to benefit from their hard work. After all, you are part of their investment. They want to be able to give you and
your children, your siblings and their children their wealth when they die. Maybe they have a business and would like to see you and your siblings
keep it and even grow it more.
Maybe you're really happy about that because you have four kids that you want to send to the best universities this country has to offer. Maybe you
have some dreams, too, and you and your siblings and your children and their children could continue your parents' legacy, and not only continue it,
but expand it beyond their wildest dreams.
Now, a man comes along and tells you that you will receive part of what your parents wanted to give you, but he is going to take a huge percentage of
it and give to somebody else.
You will still have a lot, so really, what harm is there to take some of it to help other people out, he says. He calls these other people "the
middle class", but that is a misnomer and you know it. He says, "other people want to go to college and some of that money will fully pay for two
years of it."
Also, he wants to use it to give others more paid leave from their jobs. He doesn't explain who these others are or whether this paid leave is going
to be in the form of a check paid directly to the worker, or whether it will be a tax credit given to the company that hires that person that extends
him the leave. It is all a bit vague, but for now, just know that he will take from you to give to them.
He DOES know that he wants to take some of your momma and daddy's wealth when they die and give it away when you and your siblings inherit it. He
DOES think it is not fair for you to keep your family's earned wealth. And, another tax on top of the regular taxes is just the thing he can use to
take it and give it to somebody else.
He DOES think that the answer to everything is tax, tax, and more tax. Then on top of those taxes, add another special tax that will punish you
because your parents got filthy rich and according to him, by god....that's just not fair.
This man calls it "The Trust Fund Loophole" and tries to make you feel like a total loser and deadbeat if your parents wanted you and your children
to have access to all the wealth they accumulated over the years. He wants to judge you, make judgments about you and your family, and then punish
you because of it. He considers you and your family the evil rich.
He doesn't care if your momma and daddy provided the means for thousands to have employment over the years. After all, he doesn't really think
"they built that business".
He doesn't care that your family has given tens of thousands of dollars over the years to charitable causes.
He doesn't care that they have always paid their taxes and never once failed to do so, unlike some of his cohorts who still owe the IRS millions.
He doesn't care that your family earned the right to keep all the rest of what they accumulated and built up so that their descendants might have
opportunities afforded to them to continue building on their legacy.
Let's discuss the fairness of this type of wealth redistribution.