Death taxes are based entirely upon capital. This capital can be destroyed either by taking it from its owners and using it for maintenance of government, or what amounts to the same thing, by diminishing its value, or by checking the incentive for its production. That is actually happening.
Undersecretary of the Treasury Garrard B. Winston, quoted in “Death Taxes Vex Experts,” Los Angeles Times.
Tuesday, October 14, 1924
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