Noted economomist Milton Friedman may have passed away in 2006 but six years later some of his sage advice may still be working in a positive way for the country. As President Obama looks to increasing the U.S. inheritance tax – some call it a ‘death tax’- from 35% to 55% we come across an interesting quote from noted economist Milton Friedman on the subject. In 2006, when long time, noted economist Milton Friedman was speaking at a college campus a student porposed that there should be a 100% inheritanceto better spread the wealth around to everyone. Friedman countered that such a tax would take away all incentive from workingand that the country would quickly go down the tubes with such a tax. Businesses would spend off large amounts of money frivolously at year end that it would have a negative affect on the eonomy and business and job growth. Many countries, such as China, have done well of late with NO inheritance tax, again. Companies there can now reinvest the money they would have given the government, instead, to growing their busiensses and jobs.
RIGHT TO WORK
Despite President obama’s recent ‘campaining’ in Michigan, voters supportedthe ‘right to work’ whereby workers in factories, such as the auto plants, can make their own choice whether they join workers unions or not. Now, one can avoid the stiff union dues if he wants and put the money that would have gone there into his own pocket where he can, again, invest the money if he wants, rather than give it to pay union admin costs. Looks like a positive sign for the economy, and 24 other states, reportedly are , similarly, ‘rgit to work’ states.