Tuesday, October 09, 2007

Hillary proposes 71% death tax to fund 401(k) takeover

Still riding high after her endorsement by jihadists, Hillary Clinton has decided to have the federal government get into the 401(k) business -- all it's going to take is a 71% death tax to bankroll it.

Letting the federal government take a big step towards nationalizing a private sector function that currently contains $2.7 trillion in savings is terrifying. Even more terrifying is the prospect of Uncle Sam robbing American families blind to pay for this scheme. Here's how the AP describes Hillary's new government-funded retirement account plan:

Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government... She said that for every $7 million estate that gets taxed, at least 5,000 families would receive the matching funds.
Let's do the math. First, in Washington speak, "up to $1,000" means "$1,000." Next, we plug in the parameters that Hillary is proposing. Then we can see what she means in terms of taxation:

$1,000 "matching funds" x 5,000 families = $5 million outlay = $5 million in taxes
$5 million in taxes / $7 million estate = 71.4% tax rate

That's right, a 71% tax rate upon death. calculates that inheritance of a family-owned businesses can trigger a tax of up to 47%.

Forget about the cost of living going up under President Hillary. No one will be able to afford to die.

Labels: ,


Post a Comment

<< Home