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Readers Respond: Should the Federal Estate Tax Be Repealed?

Responses: 73

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Some form of a federal "death tax" has been in existence since 1916. In 2001 the Bush administration enacted the Economic Growth and Tax Relief Reconciliation Act, or EGTRRA, which led to a gradual increase in the federal estate tax exemption, a gradual decrease in the estate tax rate, and complete repeal of the federal estate tax effective January 1, 2010. Since EGTRRA there has been much debate over the pros and cons of the estate tax, and Congress intervened at the end of 2010 and reinstated the tax for 2010, 2011 and 2012, and again in 2013, when the estate laws were made permanent. Regardless, everything in Washington is permanent, until it is changed. So what do you think about the federal estate tax - should it be permanently repealed?

Death taxes must go..

It should be eliminated completely. However, there should be no step up in basis for any asset and full capital gains should be applied if and when the asset is sold by any heirs. Just to be fair.
—Guest john

estate tax repeal

I prefer that the federal estate tax law be repealed OR that the current law in effect be made permanent.
—Guest Joe Warren

Concerned

Yes! I believe the federal estate tax should be repealed. This is a Family's wealth and should not be taxed. I have seen estates destroyed because the heirs could not pay the taxes. People who knew the situation and were buying the estate would not purchase the property at a fair price(stealing it) and all of the wealth was lost through public auctions. The estate was taxed while it was being built. That is enough.
—Guest Glenn Campbell

Repeal the estate tax theft!!!

The estate tax is just another way our government punishes those who work hard and accumulate wealth for their families. Just as the progressive income tax does. The harder you work and the more you make, then the government punishes you more and more and those who are paying the taxes get fewer and fewer of the benefits from their taxes. In the USA now nearly 50% of citizens pay no federal income taxes, yet those get most of the free benefits. Damn what a country!!! The less you try to achieve, the more you get. This is the lesson that our young are getting in their public schools, and the progressive politicians love it as they grow up and vote for them, for they are the ones who vote in Congress to give them the goodies. Progressives/liberals really do not want the public schools to educate the children to where they can think logically because then they could see the light and reject their very uncommon sense solutions to the nation's problems. GOD SAVE US FROM the liberals!!!
—Guest David Farnsworth

will always be here

this tax is not going away - been around since our country was started. Take advantage of the 2012 gift laws while you can and transfer those assets and farms! Look at it this way: death tax or income tax? Death tax is easier to plan around and reduce or eliminate from your taxes.
—Guest taxman

retired

there should be NO tax on estates passing from one generation to another within the family
—Guest stanley

jdoe

I believe that Congress and Obama will revert back to the mid-90's rate of 65%, with only a $600,000 dollar exemption. However, good news for all federal employees, police, prosecutors, and judges. They will be exempt from all federal and state taxes. The American people are cowards, and these government bums know it. They will always steal your money, trample on the constitution, and lock people up on trumped up charges. Just recently it was announced that federal employees owe billions in unpaid taxes. And the IRS refuses to hit them with penalties. So federal politicians could care less what the tax rate is; they don't pay it anyway. Government has always existed solely to rip off the people.
—Guest john doe

mylo

NEVER ever should the death tax still be around. It is nothing more than a Communistic tax/scheme for the fed, gov. to take our money.....WTF!....ITS ALREADY BEEN TAXED!!
—Guest Mylo

End the tax

One should not work all his/her life to have his work wasted by inconsiderate law makers
—Guest Don Lanzrath

Yes, it should never have existed!

Estate taxes are illegal. Everything a person has when they die, unless they've been incredibly dishonest, is either property purchased with taxed dollars, or it's taxed dollars in a bank account. It's bad enough that we pay an income tax on money earned through labor, which is NOT profit: we are trading labor for dollars. We should not be getting taxed a second time on what we happen to have left when we die! Obama is one of the most greedy, selfish and dishonest politicians ever in Washington.
—Guest Kris

Estate tax absolutely should be repealed

My son would have to sell my farm to pay taxes even though he worked his whole life on the family farm.
—Guest margaret p

YES & de-ELECT Jim McDermott ! HR3467

Nice Job JIMMY..... just jam it in while we are all Xmas shopping!!!! Good thing its a Republican majority in Congress !!!!
—Guest NoBama2012

Repeal death tax

We are a small family business. Over the last 15-18 years uneccessary monies have been spent on excessive life insurance premiums, apprasials, lawyer and accounting fees which should have been directed into our operation and property and thereby been spent on improvements which create jobs and keep our local money local. As a result of having to spend excessive money to protect us from the constantly changing estate law, our re-investing resources have been a fraction of what they could have been if this ridiculus system was repealed. Oh we are not talking estates of 50 + million which do foundations to bypass the tax. We are a small business with an estate value of 7-8 million with 85% tied to current land value from which we have no intention of selling but simply want to continue to operate our small family business for future family generations. With no estate planning and a death we would have had to sell a 90 year + family business built on hard work and sweat. REPEAL !
—Guest Victor

Estate tax "fair? "

"Fair" should not even enter into to equation. Funny how socialists love to use that word and demand that we all accept what they determine to be "fair." The estate tax is the most sinister tax there is. The money has already been taxed, period! Why should Americans allow OUR gov to tax it again....so that they can waste it on whatever they want? ..... to help bail them out because they always spend more and more? ... It does not matter how much money someone has, the estate tax is a straight up death tax and is robbery. The gov. has no business TAKING money from a family death, just so the gov can continue to feed their bad habit of spending everything they can get their greedy government hands on. I mean really now, who actually believes that our gov is going to be spend the money they steal, better than the heirs of a family would. Gezzz, its a no brainer that the death tax should be repealed.
—mylo123

Full repeal of the death tax 2013

This tax is indeed, a death tax and a huge double taxation scam that the fed. gov forces upon American citizens. It's quite funny how Warren Buffet say's that the estate tax is good. To put it simply, Warren Buffet is a big hypocrite. He and Bill Gates have a massive estate tax plan and their estates will not pay estate taxes, believe it. Also, Warren Buffet owns large chunks of life insurance companies and selling life insurance to Irrevocable Trusts (which is not subject to the estate tax) is the bread and butter of these insurance companies. So of course Warren Buffet wants to keep the estate tax. Now you know why Warren Buffet likes the estate tax and why he is nothing more than a cheap hypocrite. Again, his estate will pay zero estate taxes!
—mylo123

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