Congressman Levin has introduced legislation to raise the federal estate tax. The bill is called The Sensible Estate Tax Act of 2016. I probably don’t need to waste a lot of time on it because it’s obviously not going to become law anytime soon, but I can’t help thinking:
Simplifying the federal tax code would be sensible. This legislation wouldn’t do that.
A unified estate and gift tax exemption is sensible. This legislation would do away with that.
A tax increase might make sense if the additional revenue was used to pay down the federal debt. The proponents of this legislation don’t intend to do that.
So, what is it that’s “sensible” about this proposed legislation?
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