History of the Estate Tax

[d-ray657]

Originally Posted by ebacon

Just a survey.

In your own words what good comes from the inter vivos gift tax/estate tax regime?

There must be something or else it would not have been voted in in the first place. It also would not have survived in earnest until today (the federal estate tax was turned off for one year -- 2010)

I'm just curious as to the board members' abilities to see both sides of an issue and at least agree that there are pros and cons. Which side they want is of course subject to differ and can only be resolved civilly by vote.

The Republican vs Democratic shouting match gets old fast. That stuff is available anywhere.

I guess you're allowed to cut and paste from your own posts. Actually, a couple of good thread-starters.

I know everyone wants to be able to pass something on to one's family. Passing on one's wealth (and sometimes titles) has been a practice for thousands of years. I can see where being able to maintain a family business would be difficult if estate taxation drained all of the capital out of it.

On the other hand, doesn't the perpetuation of wealth in the hands of those who have not earned it stifle the innovation that is supposedly valued in our system? The children of wealth have already had tremendous advantages in the education they have been able to afford, in the contacts that they have made through their family, and in being able to retain a sizeable chunk of the family fortune. If they have been given the tools to succeed, do they also need to have ALL of the wealth passed on to them. It seems fair that some of the wealth that has been accumulated should be returned to the society that has made it possible.

Regards,

D-Ray