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.
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.
- 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.
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.
Read the Source Links Below to support this general overview.
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.
A lot of complaining about super inflation and economic misery for the living, but not the dead.
Regards and good will blogging b
Chicago Tribune Links
USA Household Wealth
Investopedia Inherited Money
Wikepedia Renuciation of Citizenshop
Explanation Why Ten Percent Tax Reasoning