The estate tax is crippling to people who make their living on large, non-current assets that are often passed down from generation to generation. Farmers and ranchers serve as prime examples of this, as they may have high gross incomes and be rich in capital items, the net margins are very slim and incomes are very inconsistent. This tax has pulled many farmers and ranchers into debts that may only be reconciled by liquidating all of their assets, often bought up by large corporations or mega-rich "conservation" groups.
America should abolish the estate tax because it is not fair for the government to take such a large portion of a persons property upon their death. The property has already been taxed before the person passes away. If a person wants to pass on the benefits of their hard work to their family, he should be able to do that.
I am a person who thinks taxes are one of the most vital resources to an economy, aside from the GDP. But the estate tax makes no sense. Don't tax someone on the valuable they are going to recieve from a dead family member. Tax the churches instead. That makes more sense.
No, I don't think that the United States should completely abolish the estate tax. While I do think I'd be in favor of modifying it, I would still elect to keep it in place for the higher amounts. There is a lot of generational wealth in the US, and that tax may be the only contribution its trust fund recipients ever pay.
When you pass something along to anyone, even a loved, one, a tax should be incurred onto the person as a asset source. This is as true as it is for the gift tax. However, equity should be heavily scrutinized before deciding the rates at which the estate is taxed and how is taxed.
This country is deep into debt, and they will need this tax to help get the government out of the deep debt that they are in. So no we do not need to get rid of it, if anything we need to raise it a little so that we can get out of debt.