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US439 - No Death or Gift Tax
| Eliminate the death tax and the gift tax | |
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Description
These taxes represent less than 1% of federal tax revenue. The death tax is the cruelest of all taxes, often forcing American families to sell farms and businesses at the moment a family member dies. Moreover, people should be able to give their own after-tax money to their children, or anyone else they choose, without talking to anyone in the government and without paying taxes on the same money again.
Source: lindasplan.com
Source: lindasplan.com
Arguments
The gift and death taxes were lowered in the tax-relief plans passed in 2001 and 2003, but will return to high levels in 2012. The government should not double-tax families and estates at the time of a death. Likewise, taxpayers should have the right to give as much as they want to whomever they wish after having paid taxes on their income.
Impact: Business owners could pass on their assets to their heirs – allowing them to keep family farms and businesses within the families that created them without forcing their estates to sell in order to pay death taxes.
Impact: Business owners could pass on their assets to their heirs – allowing them to keep family farms and businesses within the families that created them without forcing their estates to sell in order to pay death taxes.
Source: petesessions.com
Counterarguments
Only if you'd be willing to exchange these taxes for a budget-neutral wealth tax, e.g., 1% on net worth >$50 MM.
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| Eliminate the Death Tax More detail | |
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| 1% annual wealth tax on net worth >$50 million. Keeps income inequality and the government deficit under control. More detail | |
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| Replace the death tax with an annual wealth tax More detail | |
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