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

These taxes are a levy upon capital. There is no requirement in our law, as there is in the English law, that the proceeds from estate taxes shall go into capital improvements of the Government. In other words, capital is being destroyed for current operating expenses and the cumulative effect of such destruction cannot fail to be harmful to the country.

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Andrew W. Mellon.
04/01/1924 | Full Details | Law(s): Tax: Estate

In defense of the Federal estate tax it is said that it will tend to check the growth of large fortunes. But is not such a Federal death tax a penalty on industry, thrift, and business success? The estate tax is communistic in essence; and no party except the Socialist party endorses the Federal estate tax.

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Washington Post.
02/07/1926 | Full Details | Law(s): Tax: Estate

They increased inheritances to the point where cash must be hoarded to pay the tax collector in case of death.

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Chicago Daily Tribune.
01/08/1932 | 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.