The Two Sides to the Estate Tax Debate
The death tax, or estate tax, depending on the emotions the speaker is trying to elicit, is a tax on the estates of deceased millionaires.
The tax is a government stake in the money earned by the wealthy, and invites a great deal of controversy in its application.
The tax was allowed to lapse for a year in 2010, and as incredibly rich people like George Steinbrenner die this year, saving them from hundreds of millions in possible government taxes, more debate has arisen about this tax.
Opinions on the estate tax range wildly.
The major criticism that is often heard is that it is unfair to tax people twice for the money they have earned.
When a person is paid, they are forced to pay an income tax on that money.
However, for the wealthy, they are essentially taxed again on this money that they have accrued during their lifetime.
Another issue with this tax is that some people see it as a punishment for dying.
When someone dies, now the government will swoop in and swipe away their money.
However, many people also stand on the opposite side of the estate tax debate.
These people claim that the tax is a form of wealth redistribution as the tax only targets the incredibly wealthy.
What's more, the tax is viewed as a manner in which the deceased rich are paying back their dues to the society that enabled them to get rich, essentially giving the government a fair share of the money it has provided.
Lastly, the tax is viewed in the sense that, since it is only targeting the extreme rich, as a way to bring in money without hurting someone's livelihood.
In the end, there is little agreement between sides on the tax.
Some people will scream that it's a death tax and that it's hurting the fabric of our country.
Others will claim that it's an estate tax that is helping to redistribute wealth.
In the end, the only thing that likely can be agreed upon is that this tax is a way in which the government can tax the wealthy and bring in additional funds.
The tax is a government stake in the money earned by the wealthy, and invites a great deal of controversy in its application.
The tax was allowed to lapse for a year in 2010, and as incredibly rich people like George Steinbrenner die this year, saving them from hundreds of millions in possible government taxes, more debate has arisen about this tax.
Opinions on the estate tax range wildly.
The major criticism that is often heard is that it is unfair to tax people twice for the money they have earned.
When a person is paid, they are forced to pay an income tax on that money.
However, for the wealthy, they are essentially taxed again on this money that they have accrued during their lifetime.
Another issue with this tax is that some people see it as a punishment for dying.
When someone dies, now the government will swoop in and swipe away their money.
However, many people also stand on the opposite side of the estate tax debate.
These people claim that the tax is a form of wealth redistribution as the tax only targets the incredibly wealthy.
What's more, the tax is viewed as a manner in which the deceased rich are paying back their dues to the society that enabled them to get rich, essentially giving the government a fair share of the money it has provided.
Lastly, the tax is viewed in the sense that, since it is only targeting the extreme rich, as a way to bring in money without hurting someone's livelihood.
In the end, there is little agreement between sides on the tax.
Some people will scream that it's a death tax and that it's hurting the fabric of our country.
Others will claim that it's an estate tax that is helping to redistribute wealth.
In the end, the only thing that likely can be agreed upon is that this tax is a way in which the government can tax the wealthy and bring in additional funds.
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