Death Should Not Be a Taxable Event — It’s Time to End the Estate Tax
5th May 2021
For over 2 million family farms and ranches across the country and the tens of millions of small businesses, the threat of losing generations of their family’s work is a very real possibility. Every day family-owned farms and small businesses are forced to take out loans or sell off land, equipment, property, or — in the worst-case scenario — the entire business operation to pay the federal estate tax and cover attorney fees.
In addition, the death tax forces family businesses to waste money on expensive insurance policies and estate planning. These burdensome compliance costs make it even harder for and deter business owners from expanding their businesses and creating more jobs.
Ideally, the purpose of a tax is to raise revenue for the government. To0 often, it is used as a stick to beat politically unfashionable groups to satisfy the envy of the underclass clients of the ruling class.