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Bernie's Plutocracy Prevention Act

Bernie's Plutocracy Prevention Act

Chuck Collins

The Republicans can’t control their baser greed impulse, as revealed in their latest move to abolish the federal estate tax, our nation’s only levy on the inherited wealth of the super-rich.

But what we really need is a bold intervention to break up growing dynasties of wealth and power.

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Why not a top tax rate of 100%? If the rate is only 77%, you will still have dynasties in the next generation.

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As long as Trump keeps his Pinocchio nose out of the trip.

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It is time for this act of Bernie’s ----- The Plutocracy Prevention Act, as a plutocracy of rich families are decimating the republic. As climate change grows worse, and so many have no place to even hunker down------- at first people tend to be afraid and fearful–but after a while come this feelings; vindictive and deadly. I think things could morph into the awfulness of it all very quickly ----if the rich had no children----there would be no inheritance. Of course poor relatives can be even more vindictive------what really what really happened to Louis the 16th’s son anyway? Ending the family line has been a horrifying result for many of the rich throughout history. :frowning:

I agree with everything you are saying. But I have one but.
I have heard that the disappearance of small farming is due to inheritance taxes. The successful small private farm cannot be handed on to the family because of the cost of the inheritance tax. Farmers tend to have land and food, not cash. The land is then sold to subdivisions or directly to factory farms.

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This is not true. It what the Republicans use as a talking point.

There is a 5 million dollar per person exemption on an estate passed on by a deceased person . In other words the farm has to be worth 5 million before any tax cuts in.

90 percent of all farms in the USA are small family farms with a total value of some 850000$$. Very few family farms passed on incur any sort of tax.

The second article gives more detail pointing out that some .2 percent of farms will be subject to such a tax and these guys are already very rich.

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Maybe i am out of date. Sorry.

No problem :slight_smile: From your posting history I know whose side you are on . :smile:

Thomas Jefferson, to John Adams

Monticello, October 28, 1813

“…there is a natural aristocracy among men. The grounds of this are virtue and talents…There is also an artificial aristocracy, founded on wealth and birth, without either virtue or talents; for with these it would belong to the first class. The natural aristocracy I consider as the most precious gift of nature, for the instruction, the trusts, and government of society. And indeed, it would have been inconsistent in creation to have formed man for the social state, and not to have provided virtue and wisdom enough to manage the concerns of the society. May we not even say, that that form of government is the best, which provides the most effectually for a pure selection of these natural aristoi into the offices of government? The artificial aristocracy is a mischievous ingredient in government, and provision should be made to prevent its ascendency.”

Win the state lottery and pay big taxes, win the gene pool lottery and pay very little.

A few statements in the article ought to be challenged.

Wealth dynasty: Forbes magazine points out that its list of the 400 richest are majority first generation. And that inherited wealth is typically dissipated by the second or third generation after the founder of the wealth. Examples: George Washington is reckoned one of our richest presidents. Where has his wealth gone? Where is the wealth of Cornelius Vanderbilt now? Or of Jay Gould and James Fisk notorious 19th century ‘robber barons’, or of James Hill or Mr. Harriman, railroad rivals?

Certainly wealth accumulation, but wealth extraction? Where did Paul McCartney or J.K. Rowling get their multi-hundred-millions? It was not inherited, and it was not stolen.

The flip side of taking from the rich is who gets the money. Cuba is lauded on this forum for its maximum wage and 100% seizure of wealth from the wealthy. Oh yes, have you noticed just how rich Fidel’s daughter has gotten?
– Better socialism would prevent the talented from getting ‘that rich’ in the first place. Eh?