‘Hillary Clinton Proposes 65% Top Rate for Estate Tax’ blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.
Going after inheritances and estates is textbook Marxism. That is not an exaggeration. The third plank in Karl Marx’s 10-point platform for achieving socialism through democratic means – see his 1848 textbook to communism, The Communist Manifesto – was the abolition of inheritances. To repeat: it was point three in Marx’s 10-point plan.
This post was published at Ludwig von Mises Institute on Oct 1, 2016.