I had a lively debate with my 89-yr-old father the other night and when he gets his “Italian” going, watch out! The discussion centered on what is happening in our country, with our government and what our current President is doing in the way of death and taxation.
My father has been talking and thinking a great deal about this country that he loves dearly as Independence day approaches. Dad served in the Navy during WW II. My dad is the son of an immigrant who traveled to the United States of America from Italy and passed through Ellis Island. Five generations of Americans are now living here.
My family heritage represents everything right about the American thread that is woven into the very fabric of American life. You work hard, pay your dues and raise your kids and when you step from this life into the everlasting life – you leave behind whatever you have accumulated for your children as an inheritance. That is, until 2011, when President Obama’s camp plans to tax your estate to death. Remember, everything you own has already been taxed to death already. Does this sound like double taxation to you? It should.
I wasn’t paying much attention to the whole debate about the “Death Tax” until recently when my dad started talking about it so much. According to my father and the Wall Street Journal, “The President’s budget calls for the largest increase in the death tax in U.S. history in 2010.”
The “Death Tax” rate is going all the way back to 55%. According to the Wall Street Journal, “The Obama Administration wants to make sure it never hits zero. It doesn’t seem to matter that the vast majority of the money in an estate was already taxed when the money was earned.”
The most important thing to remember here is that the Wall Street Journal is typically considered a very liberal newspaper that consistently supports the Obama Administration and never goes against anything the President says or does.
Enter the Death Tax, and even the Wall Street Journal folks are cringing.
I told my father that the government can take my inheritance but they can never strip my heritage from me. My father is worried that his “kids” will not have anything left to inherit when he has left.
Don’t worry, Pop, you gave me more than I could ever have wanted while you were here on earth with me. When you leave me, the government can grab your money but I will still have your love. It’s more precious than paper anyway.