Originally posted by: ReiAyanami
well obviously if your dad works hard and saves up so that you can have a better future, all the money should goto the government instead of you so that it can be distributed fairly to everyone else...
What a BS example.
All the money has never gone to the government. Only the richest 2% of American families were ever subject to the estate tax. The first million in assets has always been
completely exempt from estate taxes. My dad does work hard and save up so I can have a better future, and when he passes, none of the money would have been subject to the original estate tax, because in his lifetime he isn't going to be able to amass over a million in assets. The idea that this tax ever affected the "average Joe" or that it took all of someone's assets and gave them to the government is a wholy false assertion that the lobbyists for the rich tried to sell to the ignorant American public which the public in general took hook line and sinker. (Just because 70% of Americans think everyone is subject to the estate tax, doesn't mean that was ever true)
I would favor adjusting that exemption to keep up with inflation.
The sad thing is, a large number of families who would have been subject to the estate tax are petitioning to have it restored, headed up by Bill Gates Sr.:
A call to preserve the estate tax. (with 1,560 signers who would have owed estate taxes or would pay estate taxes in the future under the old law)
[edit: btw... the exemption is $2 million for a couple. edit: link fixed]