Me and my dad are the biggest promoters of an estate tax in the US. It's not a popular position.
Sentiment: NEGATIVE
It is the small owner who offers the only really profitable and reliable material for taxation. He is made for taxation.
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.
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.
Inheritance taxes are so high that the happiest mourner at a rich man's funeral is usually Uncle Sam.
Who's on the case when it comes to the flat tax?
The fact of the matter is it's very reasonable to ask the wealthiest estates to pay their share. We did that since Teddy Roosevelt, a Republican president.
My constituents in Kansas know the death tax is a duplicative tax on small businesses and family farms that, in many cases, families have spent generations building.
Estate planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn't as hard as you might think.
It is no secret that our tax code is drastically outdated and burdensome to all Americans. Fortunately, more and more people are aware daily of the inequities that arise from things such as the estate tax, and it has come to the forefront of Congress' agenda.
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.