United Airlines CEO Scott Kirby backs national wealth tax and near-total inheritance levy
United Airlines CEO Scott Kirby has advocated for the implementation of a national wealth tax and an inheritance tax that would approach 100 percent on amounts exceeding a government-determined threshold. According to reporting highlighted by Fox Business, Kirby believes that current wealth inequality requires a national response. While the specific threshold at which the inheritance tax should approach 100 percent has not been specified, the proposal suggests a near-total marginal tax rate on estates above that limit. Julio Gonzalez, founder of Engineered Tax Services, has responded to the proposal, arguing that Washington should not become the principal beneficiary of the American Dream. Gonzalez contends that the ability to build assets and leave them to family members is a primary economic incentive. He notes that wealth often exists in operating companies, buildings, equipment, and ownership interests rather than liquid cash. An annual wealth tax could demand cash based on estimated asset values, potentially forcing owners to borrow, sell assets, or withdraw capital from their businesses. Gonzalez argues that such measures could divert funds from equipment, expansion, or hiring to pay taxes on continued ownership. He maintains that public policy must account for people with different assets, obligations, and circumstances, stating that one executive's willingness to pay such taxes cannot substitute for a workable national policy. The response emphasizes that some accumulated wealth reflects income already taxed, while other portions reflect appreciation that has not yet been taxed. Gonzalez suggests that expanding access to expertise and incentives for small businesses offers a practical path toward broader prosperity. He concludes that government should demonstrate discipline with existing resources before granting sweeping new claims on private wealth.
United Airlines CEO Scott Kirby has advocated for the implementation of a national wealth tax and an inheritance tax that would approach 100 percent on amounts exceeding a government-determined threshold. According to reporting highlighted by Fox Business, Kirby believes that current wealth inequality requires a national response. While the specific threshold at which the inheritance tax should approach 100 percent has not been specified, the proposal suggests a near-total marginal tax rate on estates above that limit. Julio Gonzalez, founder of Engineered Tax Services, has responded to the proposal, arguing that Washington should not become the principal beneficiary of the American Dream. Gonzalez contends that the ability to build assets and leave them to family members is a primary economic incentive. He notes that wealth often exists in operating companies, buildings, equipment, and ownership interests rather than liquid cash. An annual wealth tax could demand cash based on estimated asset values, potentially forcing owners to borrow, sell assets, or withdraw capital from their businesses. Gonzalez argues that such measures could divert funds from equipment, expansion, or hiring to pay taxes on continued ownership. He maintains that public policy must account for people with different assets, obligations, and circumstances, stating that one executive's willingness to pay such taxes cannot substitute for a workable national policy. The response emphasizes that some accumulated wealth reflects income already taxed, while other portions reflect appreciation that has not yet been taxed. Gonzalez suggests that expanding access to expertise and incentives for small businesses offers a practical path toward broader prosperity. He concludes that government should demonstrate discipline with existing resources before granting sweeping new claims on private wealth.