Testing Patriotism: A War Tax on the Wealthy?

November 2003
Journal of Financial Planning;Nov2003, Vol. 16 Issue 11, p18
Academic Journal
The article presents information on a suggestion offered by U.S. Labor secretary Robert Reich regarding the best solution to the burgeoning costs of the war in Iraq and on terrorism. this was published in the September 15, 2003 issue of USA Today. Reich proposed a war tax on the wealthy. According to him, there is a strong history of conservatives and Republicans who have embraced war taxes as the fairest and best way to finance the costs. The estate tax paid by wealthy families was imposed by wartime Republican President Abraham Lincoln and William McKinley. Further, he argues, in 2001 the top 5 percent of earners took home 22.4 percent of total family income, while the bottom 60 percent of earners took home only 26.8 percent.


Related Articles

  • The Burden of Wealth. Galbraith, James K. // Public Interest;Fall2000, Issue 141, p68 

    Emphasizes the importance of estate tax imposed on the wealth people of the United States. Views on the role of private wealth in the dissemination of technological innovations; Percentage of decedents subject to the estate tax; Reasons the push to repeal the estate tax happened in the year...

  • Estate Taxation. Kopczuk, Wojciech // NBER Reporter;Spring2006, p14 

    Discusses several research on taxation of estates and inheritances in the U.S. Dependence of estate tax incidence on family structure and interrelationships; Identification of estate taxation in economic research; Introduction of the federal estate tax in the U.S. in 1916 to wealthiest descendents.

  • Planning for the future may minimize estate tax liability. DAKS, MARTIN C. // njbiz;10/24/2011, Vol. 24 Issue 43, p25 

    The article presents the views of experts on how business owners may be able to minimize the taxes on the wealth they pass on to their heirs in the U.S., by planning for the future, as early as 2011.

  • Don't Mind the Billionaires, Repeal the Death Tax. Moore, Stephen // Business Journal (Central New York);04/06/2001, Vol. 15 Issue 14, p27 

    Focuses on the effort of rich people in the United States to urge the U.S. Congress not to end the death tax (DT). Engagement of most billionaire families in careful estate-tax planning; Rewards of DT.

  • Hip-hip hooray for the death tax! Kudlow, Lawrence // Indianapolis Business Journal;7/3/2006, Vol. 27 Issue 17, special section p5B 

    The article comments on the estate tax cut in the U.S. The author believes that the rich people do not need another tax break. In fact, they need higher taxes. He believes that rich people should be taxed when they contribute to charities, or to the building of a new church or when they finance...

  • Editor's Note. O'Connor, Walter F. // International Tax Journal;Summer2003, Vol. 29 Issue 3, piii 

    Discusses the effects of the ongoing war between U.S.-Iraq and advancements in technology on international tax. Rise in the speed of personal relations communication due to military conflicts; Benefits of implementing international tax on commercial products; Implications of international tax...

  • High-Net-Worth Clients Maintain Status Quo Despite Estate Tax Repeal. DeSimone, Marcella // National Underwriter / Life & Health Financial Services;9/10/2001, Vol. 105 Issue 37, p74 

    Focuses on the efforts of high-net-worth people to protect their wealth despite the estate tax repeal in the United States. Unawareness of high-net-worth people on the benefits of estate planning; Reason for the lack of reaction of these people on estate planning; Changes in the estate planning...

  • 'Death Tax' Deception. Hunter, Rosie; Collins, Chuck // Dollars & Sense;Jan/Feb2003, Issue 245, p14 

    Discusses the efforts of wealthy families and interest groups to abolish the federal estate tax in the U.S. Actions taken by wealthy families to convince the public of the need to abolish the tax; Significance of the approval of the tax cut bill by U.S. President George W. Bush in 2001 to the...

  • Axing 'death tax' a real boon for advisers. BURROWS, BILLY // Money Marketing;10/9/2014, Issue 1456, p48 

    The author discusses how the abolition of the British death tax in 2014 is beneficial for financial advisers. Topics covered include how the abolition of the death tax has raised the possibility of beneficiaries gaining tax-free income if the policyholder passes away before the age of 75, the...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics