Tax: Estate
The estate tax is levied upon the "taxable estate" of a fantastically wealthy deceased person to any recipient (with certain allowances made for federally-recognized spouses and charitable organizations). The vast majority of people are unaffected by the estate tax. As of 2011, $5 million can be transferred from the taxable estate of a deceased individual without becoming eligible for the estate tax.
Cry Wolf Quotes
If America had not been free to any man to make his fortune within the law and within his abilities, we would not be the great nation we are today. To destroy incentive by excessive taxation is to lessen the production and the prosperity of the country.
Income and inheritance taxes which are in effect confiscatory destroy themselves by transferring capital in private hands, essential to private enterprise, to unproductive public funds.
I do not believe that the Government should seek social legislation in the guise of taxation. If we are to adopt socialism, it should be presented to the people of this country as socialism, and not under the guise of a law to collect revenue.
They [higher estate tax and provisions for publicity of individual tax returns] are both not only stupid but malevolent expressions of the class feeling and socialist theorizing which are infecting American thought and even shaping our laws… It is astonishing that an American congress with, presumably, some sense at least of the significance of American experience and achievement and some sense of the cause and meaning of the Russian folly before it, should care or dare to experiment in confiscation.
Evidence
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Estate Tax Basics
The Center on Budget and Policy Priorities explains the reality of the much-mythologized estate tax.
Backgrounders & Briefs
Estate Tax Policy Brief
By Joseph J. Thorndike
Since at least the 1920s, estate tax opponents had been trotting out the same litany of warnings and complaints about the Estate Tax.
