Loopholes are life-savers
Reader comment on: Andrew Sorkin on Estate Tax and Carry-Over Basis
Submitted by Harry Binswanger (United States), Feb 28, 2019 03:25
1. The issue is not taxation but spending. If the government gives someone a cake, it has to take away that cake from its rightful owner. It may tax it away or inflate it away, or borrow it, crowding out productive expenditures. But no cakes (or Medicare payments, subsidies for Tesla, etc.) fall from heaven. Spending is the government's "take" from the economy; taxation is only one form of taking.
2. The premise of closing this loophole is hatred for "millionaires and billionaires"--i.e., for the great wealth creators. It should not be sanctioned. All existing loopholes should be expanded and new ones created--and they should be tailored at the very rich, as a matter of justice.
Egalitarianism is pure evil.
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