Let's Kill the Death Tax (7/12/06)
My parents are both alive and well. But when they pass on, I'll inherit little or nothing.
I tell you this by way of a disclaimer because I agree with those who believe the so-called "Death Tax" should be repealed.
First, I believe when a person dies, they should be able to leave what they worked for -- their money -- to their heirs if they choose.
Second, that money has already been taxed -- and probably several times at that. It's been taxed as income, as capital gains, and in any number of other creative ways the government taxes us. Even the interest it generated was taxed. The government isn't entitled to grab more until the money is spent again, and can be taxed as someone else's income or as sales tax.
Third, the argument that "the children did nothing to earn that inheritance, so why should they get a free ride?" is bogus, because it's clear neither you nor I did anything to earn it either. So why is the government, which represents us, more entitled to it than a family member of the one who did earn it?
Finally, critics claim that repealing the Death Tax could cost the U.S. Government 280 billion dollars. But that's like saying, "If I don't rob that gas station tonight it'll cost me 500 dollars."
It's bad reasoning. And bad policy.
I'm Bill Lamb, and that's my...Point of View.