Economist Paul Krugman writes a column for the New York Times.  In his Wednesday, June 14, installment, "Death and Taxes," Krugman illustrated why leftists make lousy economists.

In the piece, Krugman tried to dress up plain old envy and class warfare with numbers.  Krugman does not talk about actual economic issues and the impact of death taxes-including the survival of fewer family businesses; lost jobs; less investment; slower economic growth; the deadweight loss of estate tax planning; paying taxes over a lifetime only to have the government show up again at death; whether or not the government actually gains any net revenue from death taxes after compliance and economic costs are considered; or the fact that the government will only waste whatever revenues it may accrue while the private sector has every incentive to use such resources more efficiently. 

No, Krugman simply resorts to asserting that only the rich pay death taxes, and the House of Representatives voted to repeal because in politics "money talks."

Well, for the moment, let's accept Krugman's misrepresentation that the death tax is "levied almost entirely on the very, very well off."  From an economist's standpoint, or from anyone concerned about our economy and the size of government, the proper response to Krugman is: So what?  Even if only the very wealthy paid death taxes (which in reality is not the case), why should the unfair, economically destructive death tax continue in existence?  As much as folks like Krugman hate to admit it, the rich do the bulk of investing in the economy.  Punish wealth, and you punish the economy in general.

Since death and income taxes were imposed early in the 20th century, envy and class warfare served as the basis for the U.S. tax system, but for a few moments of economic clarity in the 1920s, 1960s and 1980s.  While Mr. Krugman is a lost cause, let's hope that our elected officials can put envy and class warfare aside in the 21st century, and work toward a tax system grounded in sound economics.  Killing death taxes would be a good start.