I'm completely in favor of eliminating the estate tax.
Income is taxed. The income that you've already paid taxes for is used to purchase property, which is also taxed. When you die, the property is left to your heir who not only pays an estate tax, but then must also pay property tax for as long as he or she owns the property. How many times should the government be allowed to tax the same piece of income?
This is also a huge slap in the face of property rights. If a piece of property was legitimately purchased with legitimately earned money, why should the government be entitled to portion of its value?
__________________
"I am certain that nothing has done so much to destroy the safeguards of individual freedom as the striving after this mirage of social justice." - Friedrich Hayek
|