USA Today has a very good editorial spelling out why the "death tax," aka a big fat tax break for the already super-wealthy, is absurd at any time, much less when we're fighting massive deficits and the draining cost of war in Iraq. Some highlights:
Just 1% of estates paid any estate tax in 2003, according to the IRS. Three quarters of the money raised from the tax comes from estates of more than $5 million....
Of the more than 18,000 estates paying the tax last year, just 340 consist primarily of a single farm or small business....
The Senate measure, which is still being negotiated, would tax inherited wealth of millions of dollars at a lower rate than what a teacher pays on a $70,000 annual salary. It would also give inherited wealth a more privileged status than money made from hard work or putting capital at risk....
The measure would cost the treasury about $196 billion over the next decade. That would require other taxpayers to make up the difference or add yet more debt to be paid off by future generations.
