USA Today Advocates "Paris Hilton Tax"

In an editorial today (May 18, 2007) entitled Too much, too soon, USA Today puts forth its argument in favor of retaining the estate tax.

After indicating that some exemption from the estate tax is acceptable and that provisions should exist to protect family businesses and farms, the editorial provides as follows:

But should government policy really be designed to perpetuate Paris, great-granddaughter of hotelier Conrad Hilton, and other dissolute descendants of the ultrarich? The consequence is that people of lesser means must be taxed instead.

If supporters of the estate tax had any sense, they'd counter the "death tax" ads with ones calling it the "inheritance tax" or, better yet, "the Paris Hilton tax." There would be no shortage of pictures to illustrate what happens when a person inherits too much money at too young an age.

Warren Buffett, the legendary investment genius and one of the world's richest men, had it right when he said the perfect amount of money to leave children is enough "so that they would feel they could do anything, but not so much that they could do nothing."