sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

History Warns Us to Avoid a W-shaped Recession

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

History Warns Us to Avoid a W-shaped Recession

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

History Warns Us to Avoid a W-shaped Recession

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.








sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

History Warns Us to Avoid a W-shaped Recession

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

Renault to decide on 2014 customer teams in September

Renault has set a September deadline in deciding how many customer teams the engine manufacturer will supply from 2014 onwards




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

It's time to stop reducing taxes on the wealthy


House Republicans recently approved the “Death Tax Repeal Act of 2015.”  If we care about our debt obligations, social mobility, or equality of opportunity, we should consider doing just the opposite: raising the tax and applying it to more of the super-wealthy.

Currently, the estate tax doesn't touch the first $5.43 million of an individual’s assets and the first $10.86 million of couples’ assets. The tax kicks in after that amount, eventually rising to a top rate of 40 percent.  

Proponents of repeal make a number of claims to make their case. Let’s examine the most common.

  1. The estate tax affects a significant portion of Americans. Only about 5,400 estates will pay any estate tax this year. That’s about 0.2% of all estates – that’s right, just two tenths of one percent.  That’s a fortieth of the 1970’s share. Americans worried about the Estate Tax have nothing to fear but fear itself. 
  2. The estate tax hurts small farms and businesses. In fact, the estate tax touches virtually no small farms or businesses. The Urban-Brookings Tax Policy estimated how many farm and business estates worth under $5 million paid any tax in 2013. Twenty did. Twenty small farms and businesses paid any estate tax in 2013. And those 20 estates faced an average tax rate of 4.9%. Only 660 farm estates—of any size—paid the tax in 2013, and 100 of those farms had assets worth over $20 million. The USDA estimates that 0.6% of all farm estates owed federal estate tax in 2013. This is because families who farm for a living have access to generous deductions: up to $1 million for continuing to farm the land for the next 10 years and up to $500,000 for adopting conservation easements. They can also delay payment and lighten their tax liability by gifting their land to heirs. Small businesses have similarly generous carve-out.
  3. Repealing the estate tax doesn't affect the budget, because it’s a small share of federal revenue. In 2014, the estate tax represented 0.6% of federal collections, or roughly $20 billion annually, according to the Joint Committee on Taxation. But part of the reason that’s so low is because Congress has increased the exemption and lowered the rate in recent years; in 2001, the top rate was 55% and the exemption was only $675,000. Still, even today, repealing the tax is costly. The JCT estimates that repeal would cost the government $269 billion over the next decade.
  4. The estate tax represents double taxation. Well, maybe. It is true that people  pay taxes on their income when earned and then may have to pay again when they pass it on to their heirs.  However, because the super-wealthy keep much of their assets as unrealized capital gains (55% for those estates worth over $100 million), the estate tax is the only way, right now, to tax these capital gains. In that sense it can be viewed as a partial corrective within our funhouse of a tax system. Some capital gains, to be sure, are the fruits of hard work and entrepreneurial creativity but a lot are simply the result of gains among those wealthy enough to participate in speculative ventures. 

One thing is true: repeal would mean a large tax break for the wealthiest 0.2% of the population. The 1,336 families with estates worth more than $20 million would get almost three-fourths of the benefit from the repeal and enjoy an average windfall of $10 million each, according to the Center on Budget and Policy Priorities. The 318 families with estates worth more than $50 million would see an average windfall of $20 million each.

These facts are often obscured by our penchant for individual stories. One Washington Post story for example, acknowledges many of the statistics above, but then goes on to give two examples of farmers who had to sell land to meet their tax burden, one of which is several decades old, when the exemption was much lower. Elected officials love these kinds of stories and tell them often. Are they unaware of the generous special provisions for this group?  Do they truly believe that very wealthy families are the ones we should be helping? Or are they thinking about who is going to finance their next campaign?

The estate tax is one of the most progressive aspects of our tax system. In a time of increasing inequality, it provides a way to counteract the formation of a “permanent ownership class.” If anything, we should consider raising the rate and lowering the exemption to pay down debt and invest in opportunities for the unlucky children at the bottom of the wealth ladder. We could start by closing the stepped-up basis loophole and raising the estate tax to Clinton-era levels. We could do so in a way that protects real farmers and small business owners. Wealthy heirs, meanwhile, will still do very well, much better than the rest of America. A serious estate tax would allow us to come closer to our national ideal, in which no child is born a prince, and every child can become as rich as a king.

Note: An earlier version of this post said that the estate tax only applies to assets in excess of the exemption, which is incorrect. The estate tax is levied on the entire estate but is offset by a credit equal to the tax on the first $5.43 million. This version is corrected.

Authors

Publication: Real Clear Markets
Image Source: © Tami Chappell / Reuters
      
 
 




sto

Women warriors: The ongoing story of integrating and diversifying the American armed forces

How have the experiences, representation, and recognition of women in the military transformed, a century after the ratification of the 19th Amendment to the U.S. Constitution? As Brookings President and retired Marine Corps General John Allen has pointed out, at times, the U.S. military has been one of America’s most progressive institutions, as with racial…

       




sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

A stone is most likely to blame for Hamilton's accident

The shattered remains of the front-left corner of Lewis Hamilton's car is being rushed back to Woking for analysis




sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

History Warns Us to Avoid a W-shaped Recession

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.




sto

This Virus Is Tough, but History Provides Perspective: The 1968 Pandemic and the Vietnam War

Nathaniel L. Moir recounts the events of 1968: The war in Vietnam and extensive civil unrest in the United States — and yet another big problem that made life harder. In 1968, the H3N2 pandemic killed more individuals in the United States than the combined total number of American fatalities during both the Vietnam and Korean Wars.




sto

History Warns Us to Avoid a W-shaped Recession

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.




sto

Trump Turned the Death Count Into a Story About Himself

Official figures exclude thousands who have died during the pandemic. To draw the right lessons, the United States needs an accurate tally of the victims.




sto

Low Prices, Full Storage Tanks: What's Next for the Oil Industry

When the economy slows, so does the demand for oil. Prices have plummeted and storage tanks are filled to capacity. We look at the future of the oil industry.




sto

'Stop moaning about Hamilton' - Ecclestone

Bernie Ecclestone has told Lewis Hamilton's rivals to "stop moaning" about the on-track tactics of the 2008 world champion