Tax: Estate

Tax: Estate

The estate tax is levied upon the "taxable estate" of a fantastically wealthy deceased person to any recipient (with certain allowances made for federally-recognized spouses and charitable organizations). The vast majority of people are unaffected by the estate tax. As of 2011, $5 million can be transferred from the taxable estate of a deceased individual without becoming eligible for the estate tax.

Cry Wolf Quotes

To the demagogue and the man of small means, who pays heavy indirect taxes where he thinks pays none, this looks like taking money from the millionaire and ‘giving it back to the people.’ To any economist it looks like eating up he seed corn, because in effect is s exactly that.

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Wall Street Journal.
02/04/1921 | Full Details | Law(s): Tax: Estate

Income and inheritance taxes which are in effect confiscatory destroy themselves by transferring capital in private hands, essential to private enterprise, to unproductive public funds.

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Chicago Daily Tribune.
01/17/1932 | Full Details | Law(s): Tax: Estate

[The estate tax] represents a real tax on capital, and such a tax is necessarily unsound and unscientific because it tends to defeat itself as a revenue producer.

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F.W. Denio, American Bankers Association, Washington Post.
10/24/1925 | Full Details | Law(s): Tax: Estate

It is not taxation. It is communism in disguise which deceives most of those who voted for these provisions.

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“The President’s Appeal to Americanism,” Chicago Daily Tribune.
06/04/1924 | Full Details | Law(s): Tax: Estate

Evidence

  • Estate Tax Basics

    The Center on Budget and Policy Priorities explains the reality of the much-mythologized estate tax.

Backgrounders & Briefs

Estate Tax Policy Brief

By Joseph J. Thorndike

Since at least the 1920s, estate tax opponents had been trotting out the same litany of warnings and complaints about the Estate Tax.