Why is an Estate Tax Needed?

One part of the tax bill passed by the Rs in the past day was the raising of the limits on the estate tax – whereby the uber-wealthy can pass more of their money down to their heirs without paying any taxes.

So, before it was $11 million for a couple which was tax free, but now it will be $22 million before the tax man comes looking for his cut.  And thank goodness because my Mom is worth about $21.9 million, right, Mom?  She reads the blog and right now is laughing so hard because no, she ain’t worth $21.9 million.  (Hey, Mom, don’t laugh too hard, the grandkids and I would prefer to don’t stroke out while laughing at the implausibility of us being worth multiple millions of dollars.)

Anyway…..Spin Magazine found a video which probably does a better job of explaining why we need an estate tax than any politician. You MUST click the link and read about Wyatt, a Koch relative, and his business of wildly colorful button down shirts.

He thinks he has a great idea and his employees respect him for his design genius while really they are just indulging him for a paycheck.

I almost feel sorry for him – he was born on third base and seriously thinks he hit a triple. Almost.

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