Taxes are a necessary part of life, but they don't necessarily need to be inevitable when someone decides to pass their possessions on to someone else. There is such a thing as greed and I believe this tax hinges on it. Let us enjoy something in our lives for once without having to ante up.
Why is the government entitled to someone else's wealth. The property has already been taxed once, and then they want to tax it a second time. The estate tax is such a small part of the revenue that the government receives, and there is no reason why they need to tax Americans on their wealth when they die. The government is like a shark that feeds on money, and will not stop. We as a people need to contain the shark.
It is nothing more than a tax based on jealousy
It raises a tiny amount of money if any, at all.
It can destroy family businesses and induce businesses nit to grow and accordingly not to hire.
It will go to the government who will not put it to good use.
The estate tax is an abomination. It is a costly form of double taxation that tax payers should not be subjected to. It requires sophisticated planning to account for as well as an intricate system of monitoring. The government could and would survive without the funds generated from this tax. They make up a minuscule amount of the fed's income. It is a way to discriminate against wealthy decedents wishing to pass on security to their heirs.
The Estate Tax was abolished in Indiana a few years back, because it was a silly tax to begin with. It is essentially a tax, which is telling your family members who receive it, "Some of the money or estate that your dead family members wanted to give you will now be taxed upon, so good luck paying for it." It is a disrespectful tax, where it can put small family owned businesses in trouble, as well as farmers. People are already taxed throughout their lives, so why can't they give what they have left to their children, wouldn't you want that? Are you saying you'd gladly just give up some of what you have to the government just because you're going to die, instead of giving to those you live most? If so, then I don't know what to think about you. Look at the morality and tell me if it is right.
The Estate Tax is especially harmful to the economy because it is a tax on assets. This leads to the liquidation of family businesses, many of which may have been successful in the long run, and the dismissal of their employees. As well, the tax diverts an enormous amount of energy from productive purposes to estate planning. Overall, the estate tax is just a manifestation of populist envy which hurts everybody in the long run, as businesses that could have been major job creators are liquidated and energy is diverted from production to estate planning.
The estate tax subjects money and property that has already been the subject of income tax and capital gains taxes to a second or sometimes third round of taxation by the government. This is immoral in addition to demeaning as deceased people's devises to their loved ones are reduced in value.
Estate tax is a sort of retaliation against the wealthy in society. No wonder such a tax is popular with the general population. There is no moral or logical reason why the government should lay claim to your wealth after you pass. Your family or other beneficiaries should not have to deal with the IRS upon your passing. I am not a wealthy man but I have no objection to those who are.
If you get money, you have to pay taxes. That includes winning it, earning it, or having it left to you. If it's income, you need to pay your share of taxes on that income, regardless of how you came to get it. The argument that the money has already been taxed is weak, at best.
What did those who inherit wealth do to earn it? Nothing! The estate tax ought to be 100% with no loopholes. Why should a kid with poor parents not be given free money but a rich person's kid should? How can anyone think that being born into the right family entitles someone to financial compensation?
The estate tax should not be abolished. Rich people inheriting more money than they would know what to do with is one of the reasons our society is in decline. The perpetual amassing of wealth means that the rich just get richer while the poor become desolate. We need to make income and wealth more equally distributed in order to maintain the health of our society.
If we did not have tax on our property, then our sales and income tax would dramatically increase. People who own houses should pay a tax for owning their own home, just like people who own cars pay a tax for the conveneince of driving a car. Just because we get rid of the property tax, doesn't mean we will not pay for it in another form of tax!