Americans overwhelmingly want death tax abolished

The Wall Street Journal:

While Washington continues to debate what to do with the federal death tax—the top rate is now 35% and is scheduled to rise to 55% next year—states are starting to recognize that their high estate taxes are a good way to chase away wealth producers.

Last year Ohio abolished its estate tax, joining the 28 other states that do not impose such a tax at death. Indiana’s legislature recently passed by big margins a bill to phase out its death tax by 2021, and Governor Mitch Daniels signed it this week. Heated debates are going on in Tennessee and Nebraska over the issue. Even in Oregon taxpayer groups are attempting to put an initiative on the November ballot to abolish the death tax, and polls show it could win.

The left has long been flummoxed by polls showing that roughly two of three Americans want this tax abolished. Why would Americans oppose a tax that politicians say is aimed at the top 1%?

The answer is that Americans instinctively understand that the tax is unfair. It punishes a lifetime of thrift and investment solely due to the accident of death. And it does so in a way that imposes another tax on income that in most cases has already been taxed once, or sometimes twice.

Some folks just need reeducatin’.

  • Sarah Roman

    Reblogged this on American Freedom.

  • Larry James Dungan

    It’s Just like Obama and his Ilk to want to “ROB” the Dead!

    • The Anti Fox

      Uh….Larry….the GOP in Congress agreed to it and voted to pass it.¬†

      You might want to read the BIll (or at least Google it) before you show your arse ūüėČ

      Conservatives Рnever have so many been so publicly proud of their collective ignorance which they blame Obama for. 

      Do you blame Obama when you spill your coffee? When you lock your keys in your car? When you don’t get any?¬†

      Grow up….get an education, or at least use Google and place your blame where it belongs – on the GOP for calling this an acceptable compromise. ¬†

  • The Anti Fox

    This is an odd story. The majority of the public wants a law that doesn’t effect the majority of them gone?¬†

    I wonder what they would say if they were asked an honest question “if you had an estate worth $5 million dollars, and you did not seek¬†estate planning advice from a professional that would negate your tax obligation, would you be opposed to paying 35% on the balance of your estate over $5M”

    I suspect the majority of Americans would say “whatever – it doesn’t apply to me.” followed closely by “so, they could have gotten out of paying the tax, but didn’t? Then deserve to be taxed.”¬†

    And for the record, there is no “death tax” – there is an estate tax, that high net worth individuals with estates over $5M will have to pay (35%) IF they fail to heed the advice of their estate planners! If you form an LLC, and place your assets into the LLC, and the LLC has ownership transfer through¬†succession¬†planning documented and part of the minutes of a Partners Meeting, the government gains nothing. The assets, owned by the LLC, continue to be owned by the LLC and its new manager(s).¬†

    Then again, you could ask them a question about a non-existent death tax that they think applies to them, even if their estate is worth $25, then you would get poll results like you mention. The 1/3 who don’t agree are those who know how not to pay the tax – known as estate planning 101.

    Oe you could poll them about Obamacare, as opposed to what the bill provides and you’ll get similar results. Both¬†meaningless…unless you’ve got a political agenda to pursue.¬†


    The Anti Fox