Wednesday, September 22, 2010

Boomers' last hurrah

Interesting piece by Michael Kinsley in this month's issue of the Atlantic. He argues that one way the Baby Boomers can redeem their generation is to use their collective wealth to pay down our national debt. It is certainly time for all of America to start paying for the things we want. I'm not in agreement with the johnny-come-lately deficit hawks and Tea Party apoplexics who suddenly have deficit fever. But in the long haul, we have a big problem. And the Boomers, who have not sacrificied for the nation in the way that earlier generations have (Kinsley's thesis), could at the very least make this sacrifice.

This starts with a willingness to tax ourselves, tax ourselves very progressively, and tax our estates heavily.

I think a >50% estate tax and a marginal federal rate of 45% are good places to start (and these will affect me personally).

What are you willing to do?

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