Interested in the answer to the riddle, of why my tax idea would be a wiser, more palatable solution without any complaints from those who pay the taxes instead of OAC idea to impose a 70 percent tax bracket?
In a previous post titled, King Solomon, A Riddle, Rep. Ocasio-Cortez Tax Idea, or Mine? I proposed a Riddle.
“What tax idea, will guarantee there will never be any objections that will arise by the population when they pay my tax idea instead of a 70 percent marginal tax rate?”
A Chicago Tribune article today titled, National debt reaches a new milestone, topping 22 trillion, reported the continuing rise of debt. The end result will lead to in the foreseeable future, that all tax revenues collected will only be used to pay debt interest.
The Purpose of This Post
Is to provide the answer to the riddle, along with an idea based on ancient wisdom verses to prevent the answer to the riddle how to pay down the National Debt without taxpayers complaining.
King Solomon
The rich rule over the poor, and the borrower is slave to the lender. (Proverb 22:7)
For the living know that they will die, but the dead know nothing; they have no further reward, (all the earthly treasures gathered when alive) and even their name is forgotten. (Ecclesiastes 9:5)
A good man leaves an inheritance to his children’s children: and the wealth of the sinner is laid up for the just. (Proverb 13:22 KJV)
I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. (Ecclesiastes 2:18)
What’s My Point?
Somehow, we need to pay down the staggering National Debt. If you discern who is responsible for the debt, it is everyone who benefited living to either accumulate wealth or live in standards based on funds obtained by Government borrowing and technically passing on the debt to their posterity.
Discern the Following to Solve the Riddle
- Everyone who dies with an estate more than $250,000.00 would be required to pay a minimum of 10 percent death tax.
- With exception to a surviving family spouse, no heir may receive more than 10 percent of any hesitance at the time of the death of the second spouse.
Reasoning
- More people would benefit from the inheritance, have greater access to invest or spend as they choose.
- More people with money will result in more people both spending and paying taxes.
- The 10 percent taxes government share should be used exclusively to pay down the National Debt. The presently estimated wealth in the USA is 100 trillion. Ten percent over time being paid to reduce the debt will exponentially reduce the debt, assuming Congress attempts to balance a budget.
- Renunciation of citizenship laws would need to be revisited to prevent extremely wealthy people from avoiding paying taxes and avoid an Expatriation Tax. Better yet, if the whole world had the same inheritance tax rules.
- Corporations included in paying a ten percent death tax within an average lifetime period, same as a family farmer has a living time period.
- The OAC idea will never generate enough to pay down the National Debt.
Reasoning
This post is a general outline idea to compare to the AOC idea. Attempting to explain all the details of this plan with statistics and amounts is beyond my scope of time or resources.
The basic premise of this proposal is based on all of the above King Solomon wisdom verses.
It is wise to leave an inheritance to grandchildren for some of the following reasons.
- Some of the richest families in the world have had their vast fortunes squandered by future generations.
- When more people who receive an inheritance, there will be less concentration of wealth held by one percent of the population.
- By limiting all inheritances to a maximum of 10 percent will provide incentives for children and grandchildren to succeed on their own.
- If there are not enough children or grandchildren to total 100 percent, the benefactors may have to choose favorite charities of friends, or it would go to the government..
- Or spend the money on themselves while they are alive which will spur the economy.
- Ten percent spread over the entire population will result in more dollars than the present inheritance rules. Most of the super wealthy will figure out numerous ways not to pay any inheritance taxes, in my opinion.
- And as the verse explains that wealth gained by the wicked, will wind up in the hands of the just. In other words, if the money was accumulated by sinful means, over time it will reduce the incentive for family heirs to carry on the family business of gathering wealth by sinful means.
- If you are curious to know why I consider ten percent to be a fair inheritance tax for most everybody, I recommend you listen to the explanation in the Source Link Below.
In My Opinion
The best and wisest inheritance anyone can leave is not a wealth of earthly treasure.
Rather it is the gift of leaving their posterity wise advice to obtain righteousness leading to God’s peace of mind body and soul, and happiness during their short span of life on earth.
If Interested,
Read the Source Links Below to support this general overview.
You Decide
Do you really believe it is possible for Congress to balance the budget to prevent adding more to the National Debt by just adding a 70 percent tax bracket?
Would this idea help reduce the hatred all wealthy people must face on their deathbeds of having to give up their wealth according to above Ecclesiastes 2:18?
Would you complain about paying taxes after your death?
Which idea do you believe would be wiser to solve the riddle, “How to reduce the National Debt over time?
What are the chances of this idea ever passing Congress? Frankly, I doubt it will never happen because in my opinion, no one really cares anymore about the National Debt or it would never have reached 22 trillion dollars. What will be the end result, or the answer to the riddle of the mounting debt?
It will be the same result thing that has happened numerous times “under the sun” in the past history of Nations in extreme debt.
Riddle Answer
A lot of complaining about super inflation and economic misery for the living, but not the dead.
Regards and good will blogging b
Source Links
Chicago Tribune Links
Previous Post
Other Links
Proverb 13:22
USA Household Wealth
Investopedia Inherited Money
Wikepedia Renuciation of Citizenshop
Proverb 13:22
Explanation Why Ten Percent Tax Reasoning
Rudy u Martinka 
Interesting idea. I’ve got to think about this one.
Blessings.
LikeLiked by 1 person
I would be interested in your comments..
Regards and goodwill blogging
LikeLiked by 1 person
I agree with your proposal and the math does work. However, there are two major caveats I need to mention. One: the necessity of a balanced budget, as you alluded to, for this to work. That is correct, however, there is no political will to accomplish this in America today. The budget could be balanced in a little over a decade if government spending were held to a 1% increase each year. This excellent piece from Townhall shows the numbers. https://finance.townhall.com/columnists/danieljmitchell/2019/01/31/new-data-confirm-that-spending-restraint-is-the-ideal-way-of-balancing-the-budget-n2540581
However, as the piece also notes, this could only happen with major entitlement reform, i.e. Social Security, Medicare, and Medicaid. To even have a chance of that is going to take a conservative Republican majority in both houses and a Republican President.
Two: If the 10% Inheritance Tax were implemented, history suggests that upon Democrats regaining control, two things are likely to happen. Unless this can be written in some sort of iron-clad fashion, the Left will ferret out some kind of method to get access to the pot of gold the tax would provide. Secondly, once that happens, the rate won’t stay 10%, it will go up and so will government spending. I’m not trying to pour water on the parade, just pointing out that the task is not easy by any means, as I know you understand. It will take sustained will, and I daresay, sustained help from the LORD as well to salvage this nation. Blessings to you and yours.
LikeLiked by 1 person
Thank you for your insightful comments. I will discern and reply next week when I return home. Regards and goodwill blogging
LikeLike
D.T. Osbourn,
I used your comment in a post about the National Debt.
virtue is behavior showing high moral standards.
The best way in my opinion to get people involved in government is to make everyone morally and economically share the burdens of government instead of the belief that someone else should pay the costs of government. decisions.
Thanks again for your thoughtful and insightful comment.
https://rudymartinka.com/2019/04/02/king-solomon-deserving-of-leaders/
Regards and good will blogging.
LikeLiked by 1 person