Monday, April 20, 2015

The Death Tax Only Rakes in $12.7 Billion?: Time to Kill it

I never understood why the government wanted to get their cut out of a dead person in the first place.
According to IRS statistics, in 2013 the estate tax raised $12.7 billion, or 0.5%, of all federal revenues. Steve Entin of the Tax Foundation estimates that because the tax reduces capital investment in family businesses, the impact of the tax on federal revenues may even be negative over time.
So it only brings in $12.7 billion and there is so much fight to keep it going? I mean there are whole industries and legions of lawyers trying to find ways around this tax and it might even bring in a negative number? This is another unfair tax that needs to be abolished.

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