The Instigator
TheLiberalSquirrel
Pro (for)
The Contender
Lmoney
Con (against)

Estate Tax

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Voting Style: Open Point System: 7 Point
Started: 11/16/2017 Category: Politics
Updated: 7 months ago Status: Debating Period
Viewed: 1,186 times Debate No: 105112
Debate Rounds (3)
Comments (2)
Votes (0)

 

TheLiberalSquirrel

Pro

One of the big issues of Trump's tax reforms is the repealing of the Estate Tax.

I find it hard to support a tax cut that only effects 0.2% of people, and I'm interested to hear the other side of it. I'll let the opponent begin!
Lmoney

Con

First of all lets start by defining what a Estate Tax is aka (Death Tax). "The estate tax in the United States is a tax on the transfer of the estate of a deceased person. The tax applies to property that is transferred via a will or according to state laws of intestacy." (Wikipedia).

Now that we have that out of the way let get in on the topic of why the Death Tax is a bad Tax. well for starters it Taxes the living relatives for the property of a deceased, is that not crazy. Imagine you are a farmer and farming has ran in the family. your father, who recently passed, has a large farm and thought it would be nice for his son to keep the tradition of the family farm, and he passed down the farm to you through his will. you have already been though harsh times with your dad passing, and now big brother is breathing down your neck to get its nickle of the deal. I mean has it real come to the point where the government has to prey off of the people that just had a family member die?

Now to respond on your comment that Liberals seem to love the whole .2% thing. what if that was you in the .2% if you have earned that money they should it be taken away? I believe in a country where you have to work to earn your money not take from the rich just to give bums more beer. Also this "Estate Tax" does not only effect the rich. Like my example it can effect every day people like you and me.
Debate Round No. 1
TheLiberalSquirrel

Pro

Let's go back in history to figure out why the Estate Tax was established. In 1916, it was established "as an instrument for enforcing the equality of opportunity in the U.S. by making it more difficult to pass great fortunes from one generation to another." (NPR)

The Estate Tax only applies to people who leave $5.49 million in assets, or $11 million for a family. For all 2.6 million people who died in 2016, only 5,219 had to give any in Estate Taxes (NY Times). The top rate of the Estate Tax is 40% (Wikipedia), excluding deductions, which still leaves upwards of $3 million to be inherited, which is still quite a bit of cash.

Now if we repeal the tax, the wealth gap that is already a growing problem will just get larger. Wealth inequality in America is reaching high points not seen since the height of The Gilded Age (Paul Krugman). Without any dues, estates of the wealthy will become larger and larger, while the middle and lower classes suffers from a decrease in tax funding for public programs. Donations to charity will also take a big hit, as incentives to include donations in your inheritance will disappear. The Congressional Budget Office estimates charitable donations in the US would drop 6%-12%.

In conclusion, I have to disagree that it would effect every day people, unless your definition of "every day people" are multi-millionaires. America needs to be a land of equal opportunity, and that cannot be a reality if the wealth is allowed to become concentrated to small percentage of the population.
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Debate Round No. 2
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Debate Round No. 3
2 comments have been posted on this debate. Showing 1 through 2 records.
Posted by def.misanthrope 1 month ago
def.misanthrope
@Ganapathijar
Oh, come now, in a few generations everyone not in the top 1% will work as slaves? Not true. Long before that happens, we'll have a bloody French Revolution or, God forbid, a Russian Revolution. At the rate we are going, in our lifetimes we will be carrying the heads of the wealthy on pikes.
Posted by ganapathiraj 4 months ago
ganapathiraj
The way inequality is rising , after a few generations most child born in families that are not top 1% will work as a slave till his death. Unless estate tax is enforced properly.
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