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June 05, 2006



AS your "area of expertise is the economics of libertarianism" I'm assuming you're proposing that the estate tax be repealed WHEN offsetting revenues are set aside AND NOT BEFORE? Surely, you don't suggest repealing it NOW & paying for it WHEN Congress votes to cut agriculture subsidies or WHEN we increase the retirement age for SS? Also, I'm at a loss why you believe this would encourage the Walton heirs (& other super-wealthy principal beneficiaries of this) to be more THRIFTY?
I'm flabbergasted to think this is how a "serious" Libertarian Economist "muses" today.

Jeffrey Alan Miron

There was a typo in the post; I meant to say "rewards spendthrifts." My apologies, and thanks for noting the error.

Brad DeLong

Yes, but they aren't proposing any of those pay-fors, are they?

If the budget were balanced, and if estate tax repeal came with pay-fors, and if you got out the rubber hose of argumentation, you *might* be able to get me to think about estate tax repeal. But with no pay-fors and with the hyperinflation tax looming on the distant horizon?


I strong case can be made that the repeal as currently proposed is revenue neutral or even revenue enhancing - and I don't mean after some vodoo supply assumptions.

The current repeal would also put an end in the step-up in cost basis of assets passed on at death.

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Brad DeLong has always been clueless.

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