The American Family Business Foundation wants repeal of the death tax on estates; Professors Christophe Chamley and Ken Judd have done studies on the subject.
Not only does the federal estate tax produce little revenue, it causes economic mischief by forcing families to sell businesses and farms to meet the imposts.
The big pro-tax lobbyists include life insurance companies, because policies are used to help pay the burden. Not everyone is insurable and insurance can be expensive.
That’s not all the damage; research also shows that the rich may overspend in haste to avoid taxes, instead of using the funds more wisely. ( See the Earl J Weinreb NewsHole® comments.)
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