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real estate

Education

Realtor's raw, emotional take on why nobody can afford a house is beautifully devastating

"Corporations should not be allowed to buy single family dwellings."

@zacharyloft/TikTok

Realtor Zachary Loft discusses why it's impossible for young people to afford a home right now.

We’ve heard plenty of people lament the fading American Dream of being able to buy a home. But hearing that lamentation from the very people who sell that dream…it hits a bit different.

Delaware-based realtor and realty coach Zachary Loft (@zacharyloft) has had a very successful, very profitable career. In a recent TikTok video, he shared that he’s been able to make upwards of $400,000 in one year, essentially erasing any worries about money.

But over the past six or so years, Loft said that, along with his success, he had a “VIP front row seat to watching the American Dream get sifted away from the working class,” causing him to become disillusioned and fill with despair.

Getting passionate, Loft recalled how he once encouraged and educated people on making that potentially life-changing investment of a first-time home. However, in his own research, what he continued to find were legislative measures to “undo” the average person’s ability to attain this goal.

He cited the removal of 1933’s The Glass-Steagall Act, which prohibited commercial banks to merge with investment banks and insurance companies, as well as the “shifting tax brackets” brought on by the Reagan administration, the “skyrocketing” rise of private equity and “Wallstreet landlords.”

- YouTube www.youtube.com

“I look at the infestation of institutional investors buying up and banking on asset inflation that is housing, that is shelter, keeping normal everyday people out of having a roof in exchange for billionaires having bigger accounts,” he said, blaming their “egos” and a “lust for power.”

This greed, Loft argues, lines affluent pockets all while "draining" the income opportunities for the working, middle class. All of these revelations made him “not want to sell homes anymore” by 2022.

“I think I speak for a lot of people in their mid-20s right now that feel like ‘what if I do the work and the opportunity's just not there?” Loft said quietly.

Now, even more than selling homes, he wants “change.” And this call to action stuck a chord with many, many viewers.

“We’re so close to massive class consciousness. Keep pressing,” one person urged.

Another said, “Keep getting angry and loud at the systems. We gotta change it.”

“Dude, you have me in tears here” commented a third. “Your soul level conviction, altruism, and empathy touched me. You really, truly care. You are an incredible person. Please keep this up.”

Yet another hailed Loft's words as "slam poetry," saying it was "beautiful, even if every awful, devastating part is true."

While there is certainly truth to Loft’s findings, an article from journalist Derek Thompson suggests the well known housing crisis has less to do with private equity firms and more about the lack of new single family developments due to over-regulation and restrictive zoning laws that aren't set up to meet increasing populations.

To that end, several states are trying to make single family housing development easier. California’s governor Gavin Newsom recently signed into a law some groundbreaking reforms to boost housing production and infrastructure statewide and improve affordability. Similarly, cities like Minneapolis, Arlington, and Gainesville have also reformed and/or eliminated their single-family zoning laws.

There has also been an uptick in Real Estate Investment Trusts (REITs) that focus on investing in, developing, and managing properties that are specifically designed to serve low- and middle-income families. As explained by Sortis Capital, these REITs partner with governments, nonprofits, and private developers to provide housing at below-market rents, filling a gap that traditional market-rate housing developers cannot. Heavy hitters include Community Development Trust (CDT), Housing Partnership Equity Trust (HPET), and Reven Housing REIT.

- YouTube www.youtube.com

That’s not to say this isn’t still a very real and prevalent issue, nor that we will make much headway without addressing the overarching wealth and power imbalance in our country (i.e., billionaires). But, as many pointed out, true change happens when we speak up, together.

Community

6 states where the minimum wage and cost of living offer the best bang for your buck

The highest state minimum wage in the U.S. is now $16.28 per hour, but some cities are even higher.

State minimum wages range from $7.25/hr to $17.00/hr in 2024.

Public discourse about minimum wage and living wages has been ongoing for years, with people debating whether the government should mandate a minimum hourly pay for workers. President Franklin D. Roosevelt signed the first federal minimum wage law in 1938, setting the lowest wage a worker could be paid at 25 cents per hour. Nearly a century later, the federal minimum wage is $7.25/hr, holding steady since 2009, with people lobbying to raise it to at least $15/hr for over a decade.

However, in addition to federal law, each state has its own laws, a handful of which establish a state minimum wage higher than $15, a handful of which don't have a set minimum wage at all and everything in between. Cost of living has also been a hot topic as inflation has squeezed everyone's wallets and certain cities and states have become utterly unaffordable, especially for people in low-wage jobs or who who are just starting out in their careers. So how do minimum wage and cost of living correlate state-by-state? Are there any sweet spots with a high(er) minimum wage and low(er) cost of living?

While there’s no perfect storm of super low cost of living and super high minimum wage—for instance, Washington, D.C. has the highest state minimum wage at $17/hr, but housing costs 140% more than the national average—there are some states where the ratio is far more favorable than others. According to Insider Monkey, here are the top six states where you can get the most bang for your minimum wage buck.

6. New Mexico

The Land of Enchantment offers a relatively decent living for its $12/hr minimum wage thanks to the state's below average cost of living. According to Rent Cafe, housing in New Mexico is 8% lower than the national average, monthly utilities are 9% lower, food is 4% lower, transportation is 3% lower and healthcare, goods and services are 2% lower.

According to Smart Asset, Albuquerque, New Mexico ranks as No. 10 in U.S. cities where minimum wage goes the furthest.

5. New Jersey

The Garden State's relatively higher-than-average cost of living is counteracted by relatively solid minimum wage of $14.13/hr. Most of the cost of living in New Jersey is wrapped up in housing, which is 30% higher than the national average, according to Rent Cafe, and utilities, which are 12% higher. Goods and services are 5% higher, but healthcare is 2% lower than the national average. Food and transportation are 1% and 2% higher, respectively.

4. Connecticut

With both a cost of living and minimum wage slightly higher than New Jersey, Connecticut rolls in at No. 4 with a $15/hr minimum wage. Where the Constitution State hits hardest is in utilities, which Rent Cafe places at 30% higher than the national average, and housing, which is 24% higher. Healthcare and goods and services are both 9% higher, while transportation and food are just 1% and 2% above average.

3. Missouri

The Show-Me State says, "Show me the money!" with its somewhat respectable $12/hr minimum wage, which goes pretty far with its relatively low cost of living. Housing is the biggest cost benefit Missouri offers at 18% lower than the national average. But utilities, food, healthcare, and goods and services are also all below average, with only transportation landing right at the national average.

Additionally, St. Louis clocked in at No. 5 for a minimum wage real-world value of $13.68 when adjusting for the city's lower-than-average cost of living.

2. Washington

With the highest state minimum wage in the nation (unless you count Washington, D.C.), Washington's $16.48/hr puts it in second place when accounting for cost of living. Make no mistake, Washington isn't cheap overall, with a cost of living 15% higher than the national average. Housing and transportation hit hard at 29% and 27% higher than the national average, respectively. Healthcare is pricey as well at 20% higher than average. Food costs 12% more, but utilities clock in at 7% less than the national average.

Two cities in Washington hit the top 15 for highest real minimum wage value, though, with Seattle at No. 13 and Spokane at No. 2.

map of united states with these states highlighted in green: Washington, New Mexico, Missouri, Illinois, New Jersey and Connecticut

These six states offer the best minimum wage to cost of living ratio.

Created with mapchart.net

1. Illinois

If you want the best bang for your minimum wage buck, head to the Prairie State with its $13/hr minimum wage and 8% lower than average cost of living. Housing in Illinois is 22% lower than average and utilities are 10% lower. The only expense that comes in higher than average for Illinois is transportation at 3% above average, which isn't enough to keep it out of the top spot.

However, there are some minimum wage sweet spots in certain U.S. cities that aren't reflected in these state rankings. According to Smart Asset, Denver, CO, is the city where minimum wage goes the farthest in the nation. Colorado comes in at a respectable 7th place in state minimum-wage-to-cost-of-living ratio, but Denver has its own mandatory minimum wage of $18.29/hr.

A citywide minimum wage is part of what puts Seattle at the No. 13 spot on that same list. Seattle is one of the most expensive cities in the U.S., but its $19.97 minimum wage for most workers changes the ratio in its favor.

Other cities in the top 10 include Buffalo, NY; Minneapolis, MN; Tucson, AZ; St. Paul, MN; Phoenix, AZ and Stockton, CA.

The minimum wage conversation may vary widely across the U.S., with different costs of living and different state laws on the books. But if you're looking to move someplace where your wage will go the furthest, these six states will likely be your best bet to check out first.


This article originally appeared last year.

Here's what to look out for when looking at homes to buy.

Buying a home is one of the most significant decisions a person will make in life, both personally and financially. So many considerations go into choosing a home to buy, from cost to location to style to how much needs to be fixed. It can be overwhelming to take all the different variables into account, and it's easy to overlook things that might be bigger issues than you might think when you fall in love with certain aspects of a house.

Reddit user EveryBuddyUp asked the AskReddit forum, "When buying a house, what's something you thought was minor but has become the bane of your existence?" Homeowners took the opportunity to share their unanticipated woes, and it's a collection of cautionary tales that might help prospective home buyers avoid pitfalls they wouldn't have anticipated.


Finding tradespeople to do repair jobs, especially "minor" ones

"Finding good people to do small jobs. The reputable companies don’t like to waste time on small jobs, so it’s usually pick someone off of the internet and hope they don’t make it worse or DIY." Guineacabra

"Finding contractors for minor repair jobs. I had a chimney leak and called 4 companies, 3 of them didn’t want the job since it was a 300-500 dollar repair, the 4th set up an appointment with me but never showed up. It took me over 4 months to find someone."Specialist_Salt_7916

someone using a drill

Might want to learn to DIY if you own a home.

Photo by Theme Photos on Unsplash

"Tried calling every roofing company in town to fix a leaky roof vent. Half a year of buckets later I climbed up with a bunch of tar and fixed it myself." FindsNames

"Even the companies that advertise "no job too small" won't do small jobs. It is so difficult to find someone decent, even if you're willing to pay good money."DateCard

"This. One of my windows broke, like literally falling out of the wall. Called everyone I could think of for weeks basically begging someone to come and fix this. They’d either not get back to me or ghost the repair time. Eventually I convinced some repair company to come over to fix this one window if I agreed to some up sale thing where in addition to repairing that window they’d inspect every other window to ensure there wasn’t damage there too. I ended up agreeing because I was at my wits end and I was paying nearly just as much each month in increased heat bills." quilles

Cellular and internet dead zones—and not just in the middle of nowhere

"Check cell coverage and find out about the ISP." – elSpanielo

"The town I live in has HORRIBLE cell reception. Luckily my ISP is great and has excellent service, so I just connect to the wifi. Worst part is that I don't live in the middle of nowhere- I'm in a suburb of a massive city, so I don't understand why the service is so shitty." gonorrheagoomah

"I live in a major US city. About a mile from downtown. Half my house is a dead zone..."ZoraTheDucky

"This! We forgot to check cell coverage when we were buying our house and the entire place is a dead zone. It’s absolutely infuriating years later to have to go outside and down the driveway to get a cell signal."miamental

"This!!! Zero cell in our house and one WiFi won’t even cross two rooms. Our house isn’t big. It’s 130 years old and has cobblestone between some walls. Then we found out that internet was often down here when we moved in. So I pay for two different service providers for two sets of WiFi and we still don’t have complete coverage."Pitiful-Sprinkles933

Bamboo (and other impossible-to-get-rid-of plant species)

"Bamboo. Someone before me planted super invasive, 15 foot tall growing bamboo in the backyard. It was spreading so wildly it was uplifting the granite pool and growing under the foundation of the house. You could see the remnants of a “barrier” of sorts of where they initially planted it, obviously not knowing how bamboo grows. I myself did not know, until I purchased the house. Absolute nightmare." – abbs_twothou

"The best way to get rid of bamboo is to move." – im_a_mighty_pirate

bamboo stalks

Bamboo might look cool, but it's a nightmare.

Photo by zoo monkey on Unsplash

"A guy once said to me that bamboo is like a cold slow fire that is alive. If you don’t keep it in check it it will destroy everything." – Tobyghisa

"It's worse than that - it's impossible to keep it in check. You have to remove a completely, and I completely I mean every scrap of root. After I yanked out mine I was still digging out new sprouts for the next 6 months. Oftentimes the new plant was growing from literally an inch and a half of root that I had missed. Think of every tiny piece of root as a new seed." – weluckyfew

"Growing up, there was a house with bamboo growing in the back yard. It took over the yard and the owner gave up. It began growing into the neighbors' yards and down the hill behind the house. Took a professional team most of a summer to get it all." – theothermeisnothere

Nightmare neighbors

"There’s a path behind my kitchen window that separates the garden from the house. The path runs behind all the houses on the street and everybody (residents) has access. I wouldn’t mind this but our neighbours on each side are best friends and so they stand on the path directly outside our kitchen window when they chat." – Dabbles-In-Irony

"I bought a flat. The neighbours immediately below us smoke. A lot. All the time. They smoke so much that you can smell it when you open the kitchen cupboards under and next to the sink because the scent creeps up through the holes around the pipework. Can't open the windows in the summer because as soon as they cough themselves awake in the morning the stench of cigarettes starts drifting up through them and fills out home. They smoke in every room, and in the bedrooms till after midnight every day. I'm an ex smoker and I'm still finding it disgusting." – butwhatsmyname

"Are you me?? We had this same issue, but with neighbours below us smoking weed. The smell would come up through our bathroom fans, so we'd wake up with a flat smelling like skunk. We could only have our windows and screen doors opened up for short periods of time until they were out smoking again. It was the worst." – pplluuvviiophile

"We moved in without knowing we had the neighbors from hell. They seemed nice enough at first, but it's become a major nightmare." – katttdizzle

Badly placed rooms and appliances

"Never buy a house where the kitchen, laundry, or living room wall is shared with the master bedroom if you are a light sleeper." – SocialRevenge

"We live in a 100-year-old house with a huge, open basement. Our washer and dryer are in our basement. For some stupid reason, known only to them, the previous owners installed the washing machine and and dryer on opposite sides of the basement, instead of side-by-side the way normal people would have done. I bought one of those professional chrome laundry carts that the laundromats use to shuttle loads across the basement between machines. Eventually, I plan to rewire the place and relocate the dryer next to the washing machine." – JasperDyne

"My number one disqualification when house hunting was no toilet on the same floor as the master bedroom. You do not want to climb stairs when you have to pee in the middle of the night. If you're reading this and saying, "I don't get up to pee most nights," I am in my late 30s and here to warn you that you will." – Blenderhead36

"Single bathroom. I had underestimated the amount of time my husband just SITS on the toilet." – NoeTellusom

\u200bWhite blinds on a window

Window blinds can cost a pretty penny.

Photo by Mike Cox on Unsplash

Window coverings cost more than you'd think

"Window treatments or curtains. The guy before me broke up with his his girlfriend. She moved out and took all the curtains out of spite. I didn’t think it was a big g deal until I priced out new ones." – asdfg27

"So true. It’s a massive racket. Even the mail order DIY stuff is expensive now. Expect $150 per window and up - WAY up! And you rarely can take it with you to the next house - the windows will be different sized, the color scheme won’t work…" – lanky_planky

"We moved into a new house with 11 windows per floor. Even getting relatively cheap window treatments (but not aluminum blinds), we were out every bit of $2k." – max_power1000

Swimming pools can also cost a small fortune to upkeep

"Swimming pool. So much work & money to maintain. Maybe gets used a dozen times a year." – KungPowKitten

"I've done pools for 4 years and openings and closings alone are hundreds of dollars. Weekly maintenances are ~100 each." – IrishRepoMan

"For the money you invest in an outdoor pool, you can probably join a nice country club or take a really kick ass tropical vacation every year." – rawonionbreath

A few final bits of cautionary wisdom from the thread were to 1) Make sure you check out the neighborhood and the neighbors as thoroughly as possible, at all hours of the day and night. 2) Use your own inspector instead of the one the realtor recommends. And 3) Anything that's unique, interesting or large in a home will require extra maintenance, so be prepared.

Happy house hunting!


Since the first federal progressive income tax was introduced in 1913, most Americans have fairly assumed that, come mid-April, the more money you earn, the more money you pay.

Rage! Photo via iStock.

But, oh boy, does it ever not work that way.


Examples of stupendously wealthy people paying hilariously low percentages of their income in taxes aren't hard to track down. See, for example, Warren Buffet paying a lower tax rate than his secretary or Donald Trump paying an effective tax rate of 25% in 2005 — far lower than the top marginal rate that  year of 35% — despite earning $150 million.

If the tax code had been designed by, say, a coalition of teachers, construction workers, and fry cooks, things might be different. Unfortunately, the laws determining who pays what and why are written by members of Congress, who, as of 2012, had a median net worth of just a wee bit over $1 million. From their perspective, it's not hard to see that "How can I structure the tax code to make buying gas and going to the doctor a little more affordable?" might be a less pressing question than, say, "Should solid gold busts of Ayn Rand be deductible?"

To be sure, many rich people do pay more in taxes than middle- or working-class Americans, just less more than they might otherwise. And it's hard to blame the wealthy for taking full advantage of a system designed to benefit them. Don't hate the player, the saying goes, hate the game.

The Game probably pays a lower effective tax rate than you. Photo by Eva Rinaldi/Flickr (cropped).

But the game, such as it is, is rigged (SAD!).

So while most of us prepare to part with around a third of our hard-earned cash trying to decide if it's legal to write off as a business expense the $13.79 in tissues we bought to wipe away our tears, here are some of the rules that make it easier for the wealthy to play.

1. There's a tax break for vacation homes.

Let's say you live in a tiny apartment in a major American city, paying your landlord hundreds, or even thousands, of dollars a month to sleep in a glorified coat closet. You typically don't get to write off your rent on your federal taxes.

Your rent. Photo via iStock.

But if you were among those privileged enough to have the means to buy a house or condo or downtown triplex with a sweet view, you would get to deduct the interest you'd pay on your mortgage.

"OK sure," you might be thinking, "People who can buy houses are generally doing better financially than those who can't, but there are a lot of homeowners in America, and I hope to be one someday." And that's true, so far as it goes.

If you're really doing well, however, one house might not be enough. Sometimes you just have to spring for that little fixer-upper in the Poconos or that sprawling beach compound in the Outer Banks or that $90-million condo on 5th Avenue.

So close to the Apple Store! Photo by Andrew Burton/Getty Images.

In that case, you get to deduct the interest on the mortgage for your second house too!

As far as tax breaks that favor the already-pretty-damn-favored are concerned, the second home deduction is, alas, one of the more egalitarian, as it advantages both the only-sort-of-rich and the ridiculously rich — and you can only write off a total of $1.1 million in debt. Furthermore, the rule doesn't apply if you're so rich you just buy the house outright, nor does it apply to the third, fourth, ninth, and 12th homes owned by your average Gates, Bloombergs, and Zuckerbergs.

But the fact remains that taking out mortgages on more than one house gets you federal tax relief, while renting a studio apartment, mobile home, or infuriatingly twee tiny house doesn't.

Thanks to the U.S. tax code, it owns to own.

2. If you're rich enough to buy a yacht, you can probably write off a big chunk of it.

What makes a house a home? A cozy reading nook by the fire? Happy memories? The love and affection of all those you hold near and dear?

According to the U.S. tax code, if you can eat, sleep, and pee in it, it's a home — which means that this:

...counts as a home, making it eligible for the mortgage interest tax break.

Some politicians have tried to exempt yachts from the second home deduction in recent years. It hasn't happened yet, partly because there are an absurd number of ways to get out of paying your full share of taxes on your yacht. Some states go out of their way to make superboats more affordable to your average Koch brother, DeVos sibling, or Soros quintuplet by capping the amount of sales tax you have to pay on them.

(L-R) George, Brad, Benghazi, Obamaphone, and #HillaryDid9/11 Soros. Photos by VCG/Getty Image, Spencer Platt/Getty Images, Eric Piermont/AFP/Getty Images, Sean Gallup/Getty Images.

Even better, if you rent out your yacht to slightly less wealthy people some of the time, you can usually deduct the whole purchase price and some of the insurance and maintenance fees as a business expense.

Pretty sweet! You should probably get a yacht!

3. While people who earn high salaries pay more in income tax, many wealthy people make a lot of non-salary income, and that's taxed at a lower rate.

If you're a single person making $1 million in salary, you're paying the top federal income tax rate — which for 2016 means 39.6% on every dollar over $415,050. That's way lower than it was in 1944, when the top rate was a whopping 94%. It's even lower than just over 30 years ago during the early years of the Reagan administration, when the top earners were paying 50%. Still, it's a solid chunk of change. Mercifully, for many super wealthy Americans, only a small portion of their annual income comes from working at an actual salaried job.

Enter capital gains!

"Money?" "Money." "Money money." "Money?" "MONEY!" Photo by Drew Angerer/Getty Images.

The best part about already having a buttload of money is that your money can make you even more money. If you're rich, you can take the cash you already have and invest it — in stock, or real estate, or apps called Moob that deliver fish bones to elderly Methodists, or what have you. And the best part? The cash you make when your assets post a gain is taxed at a mere 15-20%. That means if your trust fund does well, or if your 15th home increases in value, you might pay a lower tax rate on that gain than a nurse's aide pays on her $18/hour salary.

If that tax rate seems unfair, then you obviously haven't heard about the Newtian Pository. It's a philosophical concept I just made up that means "hahahahaha screw you and your 'job' that pays you a 'barely living wage.' If you want to get ahead in life, stop crying and own a landfill, or a Monet, or a bunch of Google, you dingbat!"

4. Rich people who own a lot of stock don't have to pay taxes on it if it increases in value — as long as they die before selling it.

Teddy is survived by his son Teddy Jr., his fifth wife Polankia, and a $75 million portfolio. Photo via iStock.

This is called "step-up in basis," one of those purposely complicated phrases used to obscure a pretty simple concept that would send poor people in the direction of the nearest flaming pitchfork store if anyone ever decided to, you know, actually explain it clearly.

So I'm gonna try to do that, by way of a totally hypothetical example.

Imagine you're a hard-charging New York City real estate billionaire type — "Ronald Bump," let's say. You buy 100,000 shares of stock at $1/share. To do this, you lay out $100,000 — an entire life savings for some, but chump change to a member of the Bump dynasty.

Let's say you, Ronald Bump, get lucky, and over the next 30 years, the stock increases in value to $100/share. Your $100,000 has magically become $10 million! If you sell it, you'd net a cool $9.9 million — but you'd pay taxes on it (albeit at the previously mentioned, already ludicrously low capital gains rate), leaving you with a mere $7.4 million or thereabouts.

But let's say you don't sell, and one day, when you're out grabbing a caviar bagel with gold leaf cream cheese, you get hit by a bus.

The Bus of Tragedy. Photo by Adam E. Moreira/Wikimedia Commons.

The bus really does a number on you, flattening your legs, rib cage, and most of your vital organs. Then, trying to determine the cause of the light whump that momentarily inconvenienced its passengers, the bus backs up, pancaking your head. Finally, seeing no cause for special concern, it speeds away, running you over a third time, knocking your body into a ditch to be eaten by crows.

How horrible. You're dead now.

Because you're dead, your son — let's call him Ronald Bump Jr. — inherits your giant portfolio. ​When he sells it​, he only has to pay taxes on any gains the investment makes beyond the $9.9 million — regardless that the stock was originally purchased for just $100,000. He can go his merry way a full almost-$10 million richer, convinced of his own singular brilliance, free to hunt endangered mammals and approvingly reply to racists on Twitter with the comfort of a nest egg to make his economic anxiety disappear.

And the meritocracy triumphantly soldiers on.

The bottom line, if you hold stock until you die and pass it on to your kids, spouse, or golden retriever, neither you, nor they ever have to pay taxes on the value it accrued in your lifetime. Pretty sweet!

5. A lot of rich families don't have to pay taxes on the money they pass on to their heirs, even though there's a tax theoretically designed to make that happen.

"We repossess about 379 of these bad boys a day. Mwa-ha-ha-ha!" — the government, probably. Image via iStock.

To hear anti-tax advocates tell it, millions of hardworking Americans are subject to an evil "death tax," whereupon soulless government brownshirts descend en masse to rip the family farm away from Junior not nine seconds after Ma and Pa's untimely death in a freakish tumbleweed accident. It's the sort of thing that gets decent people riled up, demanding answers and installing electric fencing around their property. How could Uncle Sam be so heartless? So cruel? So greedy?

The thing is, most Americans aren't wealthy enough to be subjected to the "death tax" — more properly known as the estate tax. If you leave a small retirement account, family home, or a couple of used toasters and $50 to your kids when you pass away, the IRS won't send you an invoice.

The tax only applies to estates being passed down that are worth over $5.4 million. So unless Ma and Pa's farmhouse looks like this:

You're probably not going to see a tax on it.

Yes, super rich people — your aforementioned Gates, Bloomberg and Zuckerberg dynasties  — do have to pay estate taxes, and thank Zod. And, yes, it's good that middle class families don't have to pay it. Meanwhile, lots of pretty rich people (albeit not Gates, Bloomberg, or Zuckerberg rich) are making out great under the current system, even as activists try to do away with the tax altogether, because the net worth limit for when the tax kicks in is so high that those families don't have to pay anything at all either — which allows dynastic wealth to keep on piling up.

As recently as 2004, the estate tax kicked in at $1.5 million. The current limit of $5.4 million is, frankly, a crap-ton of money to be able to pass down tax-free.

Even without such a high estate tax threshold, kids would be able to keep using the heirloom kitchen appliances long after their parents are gone.

Unfortunately, with the limit currently in the stratosphere, it also means that Junior can keep up the Kobe beef farm as he rides his platinum-hulled tractor into the sunset.

Considering all the deductions, loopholes, and advantages already in place, it's sort of weird that Congress' next priority is to reduce the tax burden on the wealthiest Americans even more.

After Republicans wrap up their will-they-or-won't-they dance with the American Health Care Act, Congress plans to tackle "tax reform," so-called because it "reforms" more money into the pockets of rich people. Among the proposed changes to the tax code: lowering the top income tax rate from 39.6% to 33%, lowering the corporate tax rate to 20%, and completely eliminating the estate tax.

Someday son, much of this will be yours, tax free! Photo via iStock.

But as we've seen numerous times these past few months, America doesn't have to let it happen!

Calling your representatives worked to scuttle the first go-around of the AHCA, and it can work to put the kibosh on the current tax reform plan too.

It won't be easy. But after helping kill a suspect federal law, and finishing and filing your taxes, you'll definitely have earned a nice vacation.

May I suggest buying a yacht?"