End The Death Tax

Daily News-Record
Opinion Editorial

The Proverbs proclaim that the righteous man leaves an inheritance for his children's children until the Internal Revenue Service comes around, that is.
This week the U. S. Senate is poised to eliminate the estate tax, called the death tax by a few because it's a tax imposed on the transfer of assets from one generation to the next.
A few critics are adamantly opposed to the repeal.
"Repealing the estate tax is like erecting protectionist barriers around the hereditary elite. It is anti-meritocratic and unfair and antithetical to this nation's best traditions," according to Washington Post columnist Sebastian Mallaby.
However, what is unfair about allowing individuals to keep their own money and pass it on to their heirs? And "antithetical to this nation's best traditions?" So the most honored of America's traditions is a high tax? Since when?
Katrina Vander Heuvel of The Nation magazine is also incensed that the estate tax might be repealed, but it should be noted that she fought Uncle Sam tooth and legal nail to keep $2 million of her inheritance. She doesn't mind keeping her money but just doesn't want anyone else to be able keep their funds.
Heritage Foundation economists estimate the death tax costs the American economy from 170,000 to 250,000 potential jobs per year due to investment capital diverted to pay for trusts and insurance policies to limit the federal estate tax bite.
Yet the basic issue is one of fairness. If an individual has managed to obtain wealth, he has also already paid taxes on all his income. So why should it be taxed twice? Does the government have any innate moral right to seize some of your assets when you die? No.
The writer of Proverbs is correct. An individual should store up wealth for his children and grandchildren, not for state or federal bureaucrats.