Let's talk about the estate tax and how it is the worst tax in existence. The estate tax has probably got to be the most confiscatory tax in history and not only is it outright theft, it does untold damage to the economic fabric of the United States.
Family farms sit on expensive land, but the businesses themselves may not really be all that profitable. However, when a family member passes a farm on to their children, they may have an extremely high tax bill, up to 55% of the value of the farm.
When families that have had these farm for generations have to come up with millions to pay off large estate tax bills, large agribusinesses come in an buy these farms sometimes for a steal.
So here is the purpose of the estate tax as written at some liberal web site called AddictingInfo.org
Historically, the estate tax has been a pillar of any progressive tax system, helping to curb perpetual inherited wealth from concentrating in the hands of a few families.
Well isn't that nice, liberal progressives think they have a right to other people's money. Why? Because they just get a wild thought that it isn't fair for people to pass down their wealth from one generation to the next
So who decides how much is too much. Who gets to decide who does and doesn't get to pass on their wealth. Oh, Congress or Obama or George Soros or Warren Buffett sets an arbitrary number and we all have to abide by that?
Here's what the estate tax boils down to. A family works hard for their money and they become successful and earn a lot of money.
That money is taxed at say 30%, their capital gains are taxed at 15%, if they own a business, they pay all kinds of business taxes and fees to local municipalities.
And if they buy property, that money gets taxed again because they pay property tax and if they buy a boat they pay more taxes and so on and so forth. The fact is, most rich people pay way beyond their fair share of taxes.
So once all those taxes are paid and a family member dies and wants to pass on their money and property to the next generation, the government steps in and says, give my share. What exactly is that for?
What did the government do to earn that money? Why does the government just get a slice a big slice of someone's estate without doing anything for it?
Bottom line though, estate taxes are theft. There isn't any way around that. Family money belongs to no one other than family members and whoever they choose to pass it on to. There should be zero estate taxes. Period.