Well, there is a windfall - to the filthy rich and to the the multi-million dollar inheritance slackers and ne'er do wells. I mean - the snotty little heirs will tell you they EARNED that money, darn it, and no one can take it from them!
I am pure capitalist - Keep whatever you kill. Save taxes by eliminating welfare - including welfare for all the little Casper Milquetoasts who were born on third base and thought they hit a triple. Let them start out in the marketplace competeing for the good things in life on the same footing as me and every other suffering b@st@rd.
No work - no money.
Don't like it? Atlas shrugs.
Sorry, but you have it exactly backwards as many of the FairTax economic studies show. The wealthy will actually in all probability pay more in tax than they do now with all the avoidance schemes available to them in the income tax.
Where do I sign up? I'm all for it.
I will likely have to sell land that has been in my family for hundreds of years to pay the death tax. The govt. says its worth X$. Just TRY and sell it for that! I'm no trust fund kid, and my folks have paid tax on this land for years. Unfortunately I can't just move to Florida to avoid death tax, unlike the mother of a certain bloated senator from Mass.(Splash has paid no more than $100K in inheritance tax on $millions.)
Congratulations on your hard work, but please don't be so bitter about inheritance, Realize that many family businesses and farms will have to be forfeited and some may be placed deeper in debt because of this tax. It's not all about ketchup heiresses!