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The death tax may rise from the dead

And ghouls, they wanna have som-ome.
Oh ghouls just want to have some.

Bloomberg News reported, "One way the rich get richer is through inheritance, and they’re barely paying taxes on it.

"Americans are projected to inherit $764 billion this year and will pay an average tax of just 2.1% on that income, New York University law professor Lily Batchelder estimates in a paper published Tuesday by the Brookings Institution.

"By contrast, the estimated tax on work and savings is 15.8%, more than seven times higher. Many higher-income workers pay far more, with the top marginal rate now 37% plus payroll taxes."

Now for the rest of the story on the death tax Mini Mike may want to impose on the middle class.

All parents pay taxes as they earn the money that they scrimp and save to make sure they are not a burden on their children. United Income raised the question a few years ago: Living Too Frugally?

The report said, "We find that wealth and investments generally grow in value as people age. Similarly, the average retired adult who dies in their 60s leaves behind $296k in net wealth, $313k in their 70s, $315k in their 80s, and $238k in their 90s."

Many inheritances are turning over a farm or small business to one's progeny who in many cases took over the business as their parents grew to old to work full-time. And by full-time, I mean 12-hour days, six days a week (seven for dairy farmers).

And as president, Bloomberg may tax that scrimping and saving, and a lifetime of hard work. Let he who pays a 100% death tax try to impose that on the rest of us.

President George Walker Bush and Congress decimated the death tax in 2001 and 2003. Only the really rich pay it.

The plan promoted by Mini Mike's news service would raise $1.4 trillion over 10 years or $140 billion a year. That would not even be a down payment on reparations and student loan forgiveness.

But it would keep the middle class from moving up. The biggest threat to socialism is a healthy and vibrant middle class.

And now you know the rest of the story.

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