If we are concerned about the health of our economy, strengthening – not eliminating – the estate tax is the solution.That is the kind of policy that will ensure our government represents the average person, rather than becoming a hereditary aristocracy of wealth and power, writes Chuck Collins.
Since President Trump's Tax Cuts and Jobs Act was enacted, corporate America and the billionaire class have had a field day.
At a time when wealth disparity in the United States continues to grow and the lion's share of the expanding economy moves toward the wealthiest among us, the news that Devos is profiting off the policies of the administration she serves in is anything but surprising, yet wholly counterproductive to a healthy economy and functioning democracy.
Many wealthy American families, the Devos' chief among them, are using their considerable resources, political influence and media holdings to help rig the rules of the economy in order to protect and grow their own dynastic wealth. Billionaires are expanding their shares of the pie at the expense of investments in our social safety net, infrastructure, and education systems.
When Congress established the estate tax a century ago to put a brake on the build-up of concentrated wealth and power, Supreme Court Justice Louis Brandeis observed, "You can have concentrated wealth in the hands of a few or democracy. But you can't have both." This proposal is not without precedent. In 1936, Franklin D. Roosevelt and Congress instituted an estate tax of over 90 percent to thwart the "economic royalists" of that day.
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