Hillary Clinton recently (and sneakily) proposed an exponential increase to America’s already high Death Tax. Under the plan that was recently added to Clinton’s website but not announced publicly, the Death Tax rate structure would increase from the current 40% to 65%. The general selling point of this Robin Hood legislation is that it seemingly takes from the rich — the 65% Death Tax only applies to estates above $500 million or more — and gives to the government. This idea was a direct copy of a policy Bernie Sanders was touting during his primary election run. It’s also a devastating one, if you know anything about basic American economics.
Who does this Death Tax affect the most?
The children of billionaire entrepreneurs like Blue Ivy Carter and North and Saint West. But it also affects you and me.
Think of it like this.
Beyoncé and Jay Z are not just wealthy entertainers. They are essentially two separate multi-million dollar businesses that employ thousands of people. Jay Z owns Rocawear and Tidal, Beyoncé owns a management company and has her hands in tons of other business ventures. When Jay Z and Beyoncé eventually pass away, their billion dollar empire will most likely be passed down to their offspring.
Imagine if Blue Ivy Carter was left a $1 billion estate. Under Hillary Clinton’s new policy, Blue Ivy would not be able to claim ownership of her parent’s estate without paying the government $650,000,000. I’m not even going to lie when I say that just typing that number alone made me cringe.
I get what some people are thinking. Why would a young woman need that much money? The honest answer is, she doesn’t. Blue Ivy Carter would likely live extremely comfortably with $350,000,000.
However, what about all of the people who Beyoncé and Jay Z’s estate employ?
When a billion dollar estate is hit with that kind of tax encroachment, downsizing is a direct side effect. This is a blatantly crippling tax. Whoever Beyoncé and Jay Z’s estate employed before their deaths would likely get reduced pay, if not replaced for someone willing to be paid less, or fired altogether after. A person does not make billions of dollars in income alone. When you take over half of that away from them for an unnecessarily high tax, you are also taking money away from all of the employees that helped keep their entrepreneurial endeavors afloat.
A wealthy person is more likely to reduce their fiscal output on services they deem less important to preserve their personal lifestyle versus maintaining employees they no longer can afford to keep. The side effects of this sort of careless legislation directly intensify the wealth gap by hurting private sector jobs, thus destroying the middle class. And if you’re still not convinced it’s harmful economically, Hillary wants to tax estates over $10 million at 50% and estates over $50 million at 55%. In other words, what’s the point of even becoming a millionaire if you’re trying to build a legacy for yourself and your family? With Hillary’s Death Tax, you’re really only building a legacy for Uncle Sam. And we all know how great the government is at spending our money.
In a country so full of opportunity that you can make hundreds of millions in income off of anti-cop propagandist music, a sex tape, or collaborations with your rapper husband, the American Dream is obviously still alive and well — for the time being. People shouldn’t let Hillary Clinton steal legacies from them that employ hundreds of thousands of Americans, built on the dreams of people who were once in shoes entrepreneurial hopefuls currently fill. If anything, don’t vote for Clinton because of her willingness to steal Beyoncé and Jay Z’s hard-earned money. What kind of fan are you if you’re okay with that?
The #BeyHive is depending on you.