Letter to the editor: Don’t create permanent class of super rich
Estate taxes can be traced back to 700 B.C. The Bible proclaimed a 100 percent version of an estate tax when all property was returned to its original owner on the 50th (jubilee year) Leviticus 25:13.
Unless you think trust fund people like Paris Hilton actually contribute to our society, there is no reason to abolish the estate tax. If your heirs cannot survive with a tax free $5.5m head start, do you really want to give them more?
Public service has been very profitable for Sen. John Hoeven. While the net worth of Sen. Heidi Heitkamp and Congressman Kevin Cramer is below the threshold to be liable for any estate tax; Hoeven’s 25-year career as a politician has seen his net worth grow to $45 million. I am confident his children will do fine under the current law, which will give them at least a $25 million nestegg.
Our economy thrives from innovation and competition. The last thing our nation needs is to create a permanent class of the super rich based on birth.