“That money and property in an estate has already been taxed. Why should it be taxed when it is inherited?”
The money I earn is already taxed by FICA taxes, so why should the same earnings be taxed by income taxes?
And then when I spend what income is left it is taxed again by sales taxes.
And if I use that already-taxed money to buy a house it is taxed again by real estate taxes.
Someone has to pay taxes, and dead people mind it the least.
So unless you insist on raising the income tax enough so that the super-rich can pass on their estates tax free, we need the revenue from the estate tax. I think a much higher deductible of at least $10 million, indexed to inflation, is the best compromise. And also lower the maximum estate tax bracket so it is no higher than the maximum income tax bracket.
Spoken like a true thief.
What they need to do is lift of the burden of the estate tax from family businesses. That would clear up a lot of the confusion and hatred of it.
Ever heard of spending cuts???