Inheritance taxes are so high that the happiest mourner at a rich man's funeral is usually Uncle Sam.
Sentiment: NEGATIVE
Additionally, this tax forces family businesses to invest in Uncle Sam rather than the economy. When families are forced to repurchase businesses because of the death tax, that means less money is being invested in new jobs and capital expansion.
I have issues with inheritance tax, particularly coming from a migrant family. My dad has worked incredibly hard all his life, so it seems odd to me that someone who has gone through that experience and has managed to save then gets taxed for dying.
The estate tax punishes years of hard work and robs families of part of their heritage by imposing a huge penalty on inheritance after death - a tax on money that has already been taxed.
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
The death tax robs parents of the opportunity to pass something along to their children, and it is responsible for destroying a lot of family-owned businesses.
The American people are not just being taxed to death; they're being taxed after death. But, no one should have to sell the life's work of a parent or a loved one just to pay the federal government.
Some people want to amass a great amount of wealth and make a great looking obituary. I'm going to die with more money than is good to leave my son.
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
The death tax destroys family businesses and stifles investment that leads to increases in jobs and personal income. As a result, 70 percent of family-owned businesses are not passed on to the next generation and 87 percent do not make it to the third generation.
Me and my dad are the biggest promoters of an estate tax in the US. It's not a popular position.
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