What if it's an illiquid business that they want to leave to heirs? The heirs can't sell it and are stuck with taxes based on the IRS's interpretation of the value. What if it is land that has been in the family for generations? It's okay with you that heirs have to sell their birthright to satisfy the government?
You should be ashamed of yourself.
Maybe you're not concerned about the inheritance tax because it doesn't affect you. It does, however, affect a lot of good people and it shouldn't.
First, the lifetime of work was mine, not my heirs. What ever they get is gravey.
Second, if I want to cut the government out of a share of my estate, there are legal ways to do it.
Third, under the FairTax, when my heirs go shopping with the money I've left for them, the government gets 30%. Unless, of course, they buy used and live like paupers, which would not be my purpose in leaving them money.
What if it's an illiquid business that they want to leave to heirs? The heirs can't sell it and are stuck with taxes based on the IRS's interpretation of the value.
That's not strictly true.
What if it is land that has been in the family for generations? It's okay with you that heirs have to sell their birthright to satisfy the government?
There is no need to sell the land to pay the government if appropriate estate planning has been done (my responsibility) and you well know it.
Maybe you're not concerned about the inheritance tax because it doesn't affect you. It does, however, affect a lot of good people and it shouldn't.
Then eliminate the estate tax without trashing the economy.