But I’m even more motivated by the moral argument against the death tax. Simply stated, it’s wrong to impose an extra layer of tax merely because someone has died.
Well, the good news is that the death tax will become less of a problem if Republicans enact the so-called One Big Beautiful Bill. Here are some excerpts from a report in the Washington Post by Jeff Stein.
Congressional Republicans are proposing to permanently allow wealthy families to pass on more of their assets tax-free, as the federal government all but abandons taxing large inheritances. …both the House and Senate versions would raise the exemption starting next year to $15 million for individuals and $30 million for couples, then set them to adjust for inflation in the future. …these changes are set to weaken an estate tax that already affects fewer households than it has in decades. …While the tax’s defenders say it is necessary to curb dynastic wealth at a time of rising inequality, conservatives have long argued the policy unfairly hits the same taxpayer twice because it taxes assets that were originally accumulated after their owners paid income taxes. …“It’s a tax on savings, and there’s a double-taxation issue — you earn the money, you paid taxes, and then the government comes after you again when you die,” said Michael Strain, an economist at the American Enterprise Institute.
While I like that the Republicans want to “weaken an estate tax,” it would be much better to fully repeal this awful levy.
