Personally I think our inheritance tax system is working just fine. Many want to fix this like they did health care.
I don’t want concentration of wealth and power, it is a danger to our freedom. The first 5 million (and increasing)of inheritance is exempt from taxes so small business is preserved.
The rich don’t pay it by the use of trusts but at least if forces some distribution of wealth. Think of what it would be like if Soros could give all his heritance to his son. AT least the power of the money is distributed some.
Not a perfect system but it is the best.
Wrong you are. Setting up trusts and paying for Life Insurance that is now in question normally paid for some of it. But most family businesses like farms or trucking companies are not cash rich. Their cash is tied up into ill-liquid depreciating assets. Should I put 300 employees out of a job to pay estate taxes when the 3rd generation of a 100+ year old company is closed?
That bar on estate taxes should be set perhaps at a 20 million mark and not as low as 5.2 million per spouse.