Strictly Business | April 28, 2009

We Are All In This Alone

The economic crisis affects each and every person in this nation and across the world, and we in America are no longer a country of rich and poor but a country of equal citizens who are trying our best to succeed and provide.

And so it is utterly dumbfounding that our nation’s elected officials at all levels continue to search for opportunities to tax us, the members of the populace who put them into power with good faith and optimism for the future.

This past month, both parties in both houses of Congress have examined ways to extend the Estate Tax, which taxes assets that are passed on as inheritance once a person has died. Opponents have rightly nicknamed it the "Death Tax," since our own government finds it appropriate to penalize its residents for passing away.

The Estate Tax has been a part of our country since it was first passed in 1916, but our government faces a golden opportunity to repeal it. In 2010, the tax is scheduled to take a kind of “leave of absence,” meaning that no taxes on assets will be assessed in that year. It will then resurface in 2011, placing a 35% tax on assets exceeding $1 million.

This was our government’s chance to recognize that times are hard for working American citizens and repeal the Estate Tax. Instead, led by the economic policies of President Obama, the Senate is interested in a 35% tax on assets exceeding $5 million while the House of Representatives favors a 45% tax on assets exceeding just $3.5 million. Sadly, our government still has not learned that squeezing money from its constituents is no way to fix an ailing economy.

Oftentimes, the problem with government is not a lack of revenue. Instead, it is their freewheeling habit to spend. So it is inconceivable that they continue to ask for more money from our pockets. Furthermore, it is an insult to hardworking Americans that wish to pass on a lifetime’s worth of assets.

The great actor and comedian Lily Tomlin once said, "We are all in this alone." Sometimes, we all feel like the burdensome regulations and taxes are so out of control there is nothing we can do as individuals to stop the nonsense. Well, it's up to all of us to work together to send a strong message: stop meddling in our business to fund your irresponsible spending.

It's time to stand up for our rights to secure wealth without government interference...

...and that’s Strictly Business.

Randy Gordon
President and CEO
Long Beach Area Chamber of Commerce