What is the point of the death tax?
The new tax bill in Congress makes modifications to the death tax, federal estate tax.
One of those bills eliminates it completely. The current tax doesn’t kick in until the deceased’s assets are more than $11 million.
Aren’t these the same people who pay 40 percent of all tax revenue? Why would the government want to tax these same people when they die? The estate tax disrupts the business and / or farm owned by the deceased. This then disrupts the employees, suppliers and distributors of those businesses and / or farms, all of whom pay taxes. So what is gained? I thought the reason for a tax is to raise revenue.
The death tax is more about redistributing the money that belongs to the rich rather than raising tax revenue.