Death Tax gets a boost from Dollar Devaluation

Often forgotten by most Americans is the “Death Tax” also known as the Estate Tax. Currently this tax is applied to the estates of Americans who commit the act of dying while holding possessions in excess of 3.5 million dollars. Now, it is true that while most people who die, did not ask to die, none the less they did die, and as a consequence the Federal Government and State Government will impose upon their heirs a tax at the current rate of 45% of the deceased persons possessions to the Feds and 7 % plus a one time fee to the State of Ohio.

Average people make the mistake of not concerning themselves with the insidious effects that this grave robbing tax policy has. They may hear echoes of the Estate Tax on the nightly news or maybe they have just heard the term somewhere, but are not really sure where or what it really is.

In short, it is theft of the most despicable sort. It might be like rear ending someone in a car accident, then getting out after the crash and stealing the hub caps off the car you just rear ended. The government taxes each of us on things we buy, things we posses, such as property tax, and they tax us on our earnings, known as income. So in the event of a death, it is likely that the possessions and earnings of the recently deceased have already been taxed in many ways, but for the government it’s not enough to take from the living or dead alone. The government chooses to re-tax the assets by labeling them income for those who might stand to inherit them. Please understand also that this is not just liquid assets like cash in the bank, it could be the very home you grew up in or the property you grew up on that must be sold at auction to pay the death tax.
The Government has cleverly written the exemption in at 3.5 million dollars. Meaning in short that no federal estate tax need be paid if assets are under that amount. One, this is unequal protection under the law targeting the wealthy and two 3.5 million today may seem like a lot, but when the government deliberately expands the money supply as has been done recently, tomorrow 3.5 million could buy you a Toyota. This being the case, many estates that were never thought to be eligible for estate taxation now at “face value” because of the devaluation of the dollar will be taxed at the same hefty 45%. If we do manage to enter into a hyper-inflationary period, it’s likely that almost any estate will be eligible for taxation and redistribution.

So much for the American dream.