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In reply to the discussion: 1972 McGovern campaign, what would you have done ? [View all]grantcart
(53,061 posts)I remember early on talking to my neighbors who were long time Democratic pols.
I told them that I was hopeful that we could win.
I was rather shocked when they all doubled up with laughter. They said that he was proposing 100% inheritance tax and that it would be a miracle if he took a single state.
http://articles.latimes.com/2010/nov/29/opinion/la-oe-voegeli-populism-20101129
In his 1972 presidential campaign, Sen. George McGovern's proposal to impose a 100% tax on any inheritance over $500,000 (about $2.6 million today) got a hostile reception from voters, most of whom were unlikely to ever be affected by it. According to the less-than-respectful assessment from a McGovern advisor, the problem was that "it would wipe out the dream factor every slob in the street thinks that if he hits the lottery big, he may be able to leave half a million to his family."