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House Dems Take Aim at 'Trust Fund Babies' With Estate Tax Designed to Combat Obscene Wealth Inequality

Originally published at http://www.commondreams.org/news/2019/10/25/house-dems-take-aim-trust-fund-babies-estate-tax-designed-combat-obscene-wealth

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If these 37 progressives branched out into a third party and stood firm, their power would be immense.

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WOW!!!
588 billionaires in America!!! That’s astounding—and they pay no estate tax?That’s criminal!
A couple trillion in taxes shouldn’t bother the people who have that much money----because really, can people with that much money really trust a world that’s filled with so many people without money?
How would you know who to trust? Would you know if your friends were really your friends? How would you know if you received awards because you really created something positive or wonderful for the world–or was it just your money?
Having a lot of money sounds wonderful at first—but I bet it can be really lonely too.

But somehow, when money does the world a lot of good—I think that makes people realize that being a real member of WE the People is a lovely place to be.

  • Recently inspired by an article about Abagail Disney : )
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Trust Fund Baby: “It’s unfair to take my inherited wealth away. I worked hard to exit my mother’s womb and I deserve that money.”

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Is there any provision in the bill to prevent people like Gates, Buffet, Zuckerberg who “gave” fat chunks of their looted wealth to their own tax-exempt foundations that they control? (Buffet gave his billions to Gates’ foundation.)

Schmuck Zuck gave his to his own LLC and called it a foundation. An “innovation” that is even slimier than what Gates did.

Those billions should go back to the people as a whole. Why should Gates and Zchmuck and Musk decide what direction the world goes in?

Democratize wealth. Decolonize wealth. Take it back from the looters.

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They do pay an estate tax. But not nearly enough.

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‘Democratize wealth’ indeed … If there was an actual democracy in America, there would not be one person with $161,000,000,000. The income Bozo makes in one day, without lifting a finger, is more than I’ll make working my entire life. The pathetic thing is fact his income provider pays zero income tax. Trust fund babies are low hanging fruit compared to trillions hidden in tax havens and corporate off shore shells.

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The pentagon and medical folks are on standby alert to grab this windfall loot.
Trickle down or tinkled on??

Because we live in a GREED CAPITALIST society where the greedy make/buy he rules.

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It is an untreated sickness/addiction, Smerl, and it is accepted as part of the country today. Pathetic…but true.

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Agree, it should be considered an addiction. Just like an addiction there is no amount that is enough, and the people who are addicted do not want to see how much damage they are doing.

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Excellent comment Smerl. We indeed need comprehensive wealth reform (and land reform), in light of the greatest crime spree in history which is ongoing: grand theft continental, genocide, enslavement, colonization, privatization, corporatization, capitalism and neoliberalism. And we need to abolish the looting class systemically, through comprehensive political and economic reform.

Not able to “redress” these monstrous crimes, but at least try to account for them (not only financially but also socially and ecologically, but that is an expanded conversation), to re-balance the looted wealth.

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i would add white supremacy to the list of monstrous crimes in the spree, but white supremacy is a tool that the mobsters have used in the commission of all the other crimes.

And white supremacy does not mean that every white person is rich, or that every white person gets what they need or what they want, or that every white person is not oppressed, hurt, exploited, raped or killed. There are white people who are oppressed, hurt, exploited, raped and killed, and it is important to remember this when we talk about white supremacy.

White supremacy is a tool that is used to divide and conquer, literally to divide and conquer, and the majority of white people are among the conquered, and it is important to remember this as we work to end white supremacy.

The original conquering in the historical narrative of this monstrous crime spree was by what later became known as white people against others who also later became known as white people.

But i digress.

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One of only a couple billionaires with something of a conscience.
And right now no other one comes to mind…

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Wait, taxing the 1% for the betterment of the 99%, oh the humanity.
Repugs and DINO’s will be getting an ear full from their masters about this bill.

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The uber wealthy have managed to convince some of the poorest in the country to Get rid of the so called a DEATH TAX. Years ago back in the 80s the richest families in the country got together with Republican pollsters and devised a plan to call the estate tax the DEATH TAX. They would sell this to the public as the government stealing the family farm. They talked about how one could save for their children and the government would steal their inheritance. Along with selling the American dream lie about how anyone can become a millionaire. They never told anyone though that the rich didn’t even get taxed until they had millions. Never told them that the likelihood of the average American ever paying an estate tax was zero. I don’t know how many people I talked to that wanted to get rid of the estate tax and didn’t have 2 nickels in their pocket.
This is also a story about the wealthy colluding against the public. Those wealthy families included the Coors family the deVoss family etc.
Bernie 2020

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“Tax the rich
Feed the poor
Tax them 'til
They’re rich no more.”
–Alvin Lee

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My husband says “They can keep their 40 room mansions, but woe to them if they try to take my ‘cracker box’* away from me!” Sadly, increasingly over the last few years the narcissistic hoarding dregs have done far too much to steal from we peons.

*It’s our ‘cracker box’ b/c it has a sum total of 5 rooms and the entire house is 865 square feet, but its our cracker box and we just feel really lucky to have it.

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And white supremacy is still using ‘manifest destiny’!

Family fortunes usually get spent by the third generation.
I only know three who have sustained and increased wealth over the past 120 years or more.
Two from Ohio and one from Michigan.

Their secret:
Do not marry the wrong person.
Be generous
Do not become a public celebrity