The Estate Tax Must Be Repealed
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The paper argues that the federal estate tax and other types of personal property taxes punish the individual who has to pay taxes on the estate of a deceased loved one. The paper contends that the estate tax may cause a family business to go bankrupt, and, the tax is extremely complicated, unfair and inefficient. The paper further claims that the estate tax discourages savings and investment, negatively affects job and wage growth and contradicts the premise of American life of being able to increase one's wealth and social standing.
From the Paper:"As the old saying goes, a person can avoid almost everything in life except "Death and Taxes," meaning that as long as an individual lives, he/she will be forced to pay taxes in some form, such as sales tax, gasoline tax, property taxes (taxes paid on a piece of real estate or a home), income taxes and of course the dreaded estate tax which is paid following the death of the person owning the property. Much like other controversial topics, the estate tax has both supporters and detractors or those who are for it and those who are against it. On the support side, Thomas C. Harold, writing in A History of Taxation in the United States, declares that the estate tax is a necessary evil because it forces "extremely wealthy individuals to pay their fair share of taxes, especially when they own vast landed estates and other forms of property which have been inherited or handed down" through several generations (134). In contrast, those who are against the estate tax have offered a virtual laundry list as to why it should be repealed as soon as humanly possible by the U.S. federal government."
Sample of Sources Used:
- Harold, Thomas C. A History of Taxation in the United States, 1776 to 1930. New York:Charles Scribner's Sons, Inc., 2001.
- Miller, Dan. "The Economics of the Estate Tax." Joint Economic Committee Study. 1998.Internet. Retrieved March 11, 2009 from http://www.house.gov/jec/fiscal/tx-grwth/estattax/estattax.htm.
- Paul, Ron. "Why Won't Congress Abolish the Estate Tax?" LewRockwell.com. 2006.Internet. Retrieved March 11, 2009 from http://www.lewrockwell.com/paul/paul328.html.
Cite this Persuasive Essay:
The Estate Tax Must Be Repealed (2011, January 02) Retrieved June 06, 2020, from https://www.academon.com/persuasive-essay/the-estate-tax-must-be-repealed-146545/
"The Estate Tax Must Be Repealed" 02 January 2011. Web. 06 June. 2020. <https://www.academon.com/persuasive-essay/the-estate-tax-must-be-repealed-146545/>