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According to today's WSJ, my congresswoman voted to repeal the estate tax becuase she represents a district where you can't buy a house for less than $400,000. While this is actually not true, it does have substantial impact on my view of this issue.

Let me get this right. You take $400,000 out of the savings bonds its parked in the safe deposit box and pay cash for your house. You now have $400,000 less in assets.

I'll grant you that you have far fewer liquid assets, but no less income and no lower net worth.

Of course, your house is an asset. Many people in CA sell their home, move to areas with lower costs for real property and live on the difference. If they had paid rent their whole lives, this would not have been an option.

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