As we try to reduce our budget deficits, it is easily apparent that drastically increasing the Estate Tax is the most effective means of generating needed revenue. In our country we want people to act as individuals, have rugged independence and work to better themselves through good old fashioned hard work. To that end, increasing the estate tax makes alot of sense. Last time I checked that money does very little for a person when they are dead. I would much prefer to have a financially stable country and lower income taxes while living. Those that receive inheritance have done nothing to deserve that money other than winning the genetic lottery, and they should have benefitted from wealth while growing up by having access to better education, networking opportunities, etc. Furthermore, if they have worked hard and were raised well, beneficiaries should have no problem pulling themselves up with their bootstraps and making a great living just as their parents and grandparents did.
Of course some provisions would need to be worked out to protect small family businesses and family farms that are passed on generationally. Also we would have to make provisions for children that lose their parents. But outside of those issues, a large increase in the estate tax would be very straightforward. The end goal would be to ultimately lower income taxes (offset by the higher estate taxes) and thereby simplify the tax code. No doubt conservatives and liberals would be greatly in favor of this form of revenue enhancements.
Of course some provisions would need to be worked out to protect small family businesses and family farms that are passed on generationally. Also we would have to make provisions for children that lose their parents. But outside of those issues, a large increase in the estate tax would be very straightforward. The end goal would be to ultimately lower income taxes (offset by the higher estate taxes) and thereby simplify the tax code. No doubt conservatives and liberals would be greatly in favor of this form of revenue enhancements.
