I support the so-called “death tax”.
I pay sales tax, income tax, excise tax, gas tax, FICA and property tax. But one tax I will never pay is the death tax. Why? Do I plan to live forever?
No, but I don’t plan to die with more than $2 million dollars, and people whose estates are less than $2 mil don’t pay any tax.
Less than 1% of the people pay estate tax. So why is Congess (and Republicans in particular) so all-fired interested in giving tax relief to this tiny minority of very rich people?
I suppose it has something to do with the fact that there are lots of millionaires in Congress, but probably more to do with the fact that rich people give money to Congress.
I hear this argument about family farms and small businesses, but $2 mil (and $4 mil for a couple) isn’t exactly a small business. A family farm is so deep in hock these days, they aren’t worth much. And if Congress were so interest in saving family farms, they could just make an estate tax loophole for it, not give a free ride to folks living off their portfolios.