Should we repeal the estate tax? | The Tylt

Should we repeal the estate tax?

While congressional Republicans are still hammering out the details, their new tax plan will likely repeal the estate tax—a tax on assets people leave to their heirs when they die. Dubbed "the death tax" by Republicans, critics say it's grossly unfair—you can't tax income twice. But proponents say the inheritance tax provides essential revenue we need to run the country. If we cut Paris Hilton's taxes, we have to raise them on working people, which isn't fair either. Do we need the estate tax? 💰 

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The inheritance tax only affects two in every 1,000 Americans. You have to be worth more than $5.5 million (for individuals) or $11 million (for couples) for the tax to even apply to you—which is why it's been nicknamed "the silver spoon tax." Democrats say getting rid of the tax will add as much as $2 trillion to the national debt.

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But others say it's just wrong. Even if people have millions of dollars, they should be allowed to leave that money to their children. Senator Chuck Grassley says repealing the inheritance tax "recognizes the people that are investing."

“I think not having the estate tax recognizes the people that are investing, as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies," Grassley told the Des Moines Register.
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At the Wall Street Journal, Michael J. Graetz argues the estate tax is an inheritance tax and is absolutely fair. Our country needs the revenue it generates.

Is it fair for Paris Hilton to inherit her great-grandfather Conrad's fortune without paying any tax on it? Or Yankee owner George Steinbrenner's 13 grandchildren? This is exactly what happens when there is no estate or inheritance tax on the bequests of the very rich. Indeed, that's what the case for the estate tax boils down to: basic fairness. The tax affects a small number of people who inherit large amounts of wealth—and who can afford to give up a portion of their windfall to help finance their government. 
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But most conservatives and Trump supporters are glad the death tax is on its deathbed.

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FINAL RESULTS
Politics
Should we repeal the estate tax?
#EndTheDeathTax
A festive crown for the winner
#TaxTheRichNow