One of the most popular leftists in America believes in a 99% inheritance tax…
Patrick Bet-David: How much of the Hilton family money should end up going to Paris?
Kyle Kulinski: Well, that’s a good question. I think that needs to be debated by the people and determined by the people, but if you’re asking for my personal opinion I wouldn’t go so far as some of the revolutionaries to say she should literally inherit nothing. I think that’s too extreme, but I wouldn’t lose a wink of sleep if she went from having $2.2 billion dollars to let’s say having $50 million.
Patrick: Really?! 99%?!
Kyle: Some people think of the economy as a meritocracy. I don’t buy that at all. I think your human value vs. your market value are totally separate things and we judge everything based on market value. So somebody like Paris Hilton… what has she contributed to the world? She’s contributed nothing! And we’re gonna feel bad if she inherits $50 million? The people that I’m concerned about are the people who are busting their *ss and getting absolutely nowhere… people who work two or three full-time jobs… and they don’t make enough money to survive and so I think one of the best groups that you can tax in a society is rich dead people to give everybody else a chance.
I agree wealthy heirs should pay more, but 99% is insane… even for Paris Hilton.
The federal government taxes inheritance via the estate tax, which individuals are allowed to give their heirs up to $13 million tax-free. Above that the marginal rate is 40%. The estate tax produces about 1% of federal revenue.
Some argue we should abolish the estate tax because they see it as a double tax (individuals may have already paid income tax on it, which is more often not the case since most of it is a tax on unrealized capital gains) and a death tax (legalistically the tax falls on the deceased), but the estate tax is basically just a gift tax triggered by death via taxing the giver on behalf of the beneficiary since the beneficiary won’t have to pay a tax on it, but…