▪️Repealing the estate tax wouldn’t “give” money to anyone. It would just allow estates to keep the wealth handed down by the person who earned it. Only when you view everyone’s property as communal property does repealing a tax involve “giving” people money.
▪️Contrary to Sanders’s portrayal, the estate tax constitutes a tiny fraction of federal tax revenue. In 2020, only $17.6B came from estate and gift taxes. That’s just 0.1% of GDP and ~0.5% of Federal tax revenue. By 2031 it’s expected to still be <$50B. It’s a rounding error.
https://www.cbo.gov/publication/57272#:~:text=CBO%20projects%20that%2C%20under%20current,drop%20(see%20Figure%202).
▪️Bernie gets $1.8T by adding up the wealth of ALL billionaire families ($4.5T) and assuming the government would take 40% ($1.8T) of ALL of it. Which is absurd, as most wealthy people go to great lengths to reduce the taxes their estate pays, and they have the means to work the system.
▪️The CBO acknowledges this, and admits this is why they can’t reliably project estate tax revenues. Warren Buffet, for example, pledged to give away 99% of his wealth before he dies. Many others have similar pledges, meaning Bernie’s numbers are fantasies, billionaires aren’t ever giving up 40% to the govt.
▪️The estate tax has virtually nothing to do with solving the debt crisis, nor in helping the poor. The trivial revenue they provide is almost unnoticeable & it’s not like it goes into some fund to help the poor. The primary impetus behind the estate tax is the desire to take rich people’s stuff.
It’s just so wild to see these movements see saw, it feels like just yesterday that conservatives were boycotting Disney and the left was gloating.
Just incredible. After posting a meme blaming Charlie Kirk for his own murder, they post another a few hours later applauding Democrats for their civility.
Also, if you look at the Occupy Democrats timeline, their posts “denouncing political violence” were variations on “no one should be shot…BUT here’s a quote from Kirk showing he’s a terrible person.” Or sometimes they’d leave the first part out altogether and just attack him. There are no posts denouncing violence without qualifiers trying to gin up their base.
