With the death tax being re-implemented on Jan. 1 at 35 percent, (that is of course if the current compromise between the GOP and President Obama in the Senate passes the House as is) Americans will be working even more for the government.
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The U.S. average retirement age is 62 with an average work start age of 16, giving Americans an average working lifetime of 46 years. Each year, Americans celebrate Tax Freedom Day which usually occurs at the beginning of April, a little over three months into the year. Throughout a working lifetime this breaks down to 138 months or 11.5 years of working for the government. Tax Freedom Day marks the first day of each year workers stop working for the government and start earning money for themselves.
This chart shows the current amount in days people spend working for the government. The estate tax rate is currently zero.
The estate tax rate is about to skyrocket, dedicating even more years of a working lifetime to the government. With a death tax of 35 percent being re-implemented, an additional 16 years of working for the government is tacked onto what has already been paid in a working lifetime through the
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In the end, the more taxes imposed on the people, the longer they work for the government rather than themselves.
"In this world nothing can be said to be certain except death and taxes."
-Benjamin Franklin
Congress is taking the death and taxes thing way too seriously.
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