There is an argument for either having an estate tax or eliminating the step-up in basis for capital gains for those who inherit. The accumulation of wealth involves expenses the accumulator does not pay for, and if the inheritors don't pay tax on the untaxed increase in the value of wealth, then that essentially passes without ever being taxed to pay for the constitutional stuff like national defense, and the unconstitutional stuff like Obamacare. So some kind of tax should be imposed to recover some of those costs.
The end is near. Some kind of decision will be made on the fiscal cliff mess but it will more than likely be nothing substantial. Knowing Congress, it will be a shot of morphine to ease our pain as we continue to be on death watch.
Speaking of death watch; no one other than financial gurus and geeks are talking about the impending rise in the estate tax. Is no one paying attention to this blatant theft of savings and assets that have already been taxed once?
If nothing is done, on January 1, 2013...
Read carefully, I'll type slowly so maybe you can understand - THE MONEY HAS ALREADY BEEN TAXED ONCE.
It is funny how the taxers, who are mostly millionaires or better, seem to have enough loopholes in the laws for them to retain their "stuff".
I would like to see a "wealth tax" on Congress, Federal administrators and bureaucrats (including family members) that takes 25% of their net worth every year they are in office or in the position they hold that is financed by the public treasury. Of course you could exempt the first $1 million. Doesn't that make sense as a way to finance the government.