Inheritance Tax

978 Words4 Pages
Losing a loved one is hard enough, but owing the government millions of dollars because of a demanding tax makes it even more devastating. The inheritance tax, also known as the death tax, is a transfer tax that can be applied when property is passed on to the next generation, based on the value of the estate. This tax is hurting our farmers and small businesses by forcing them to pay the government millions of dollars they do not have. Inheritance taxes in the United States trace back to the 18th century. These taxes have lasted throughout time, occasionally being repealed and reinstated. These types of taxes were commonly used to fund the country during times of war and to help with stability in the social classes. We need our farmers, but…show more content…
The inheritance tax brings in around $20 billion for the government, and if it was abolished something would need to replace it. However, compared to the rest of the income the government collects, the death tax brings in almost no money at all. $20 billion seems like a lot of money to the average person, but compared to the $3.2 trillion the government brings in every year, it doesn't amount to much. For example, if the government brought in $100 this year, the death tax would only bring in 63 cents. “Under the Tax Foundation Taxes and Growth Model, a simulated elimination of the estate tax results in approximately 150,000 additional jobs and 0.08 percent additional annual GDP growth in the decade after elimination”(Cole). Therefore, repealing the tax would actually be beneficial for the economy. The death tax needs to be repealed immediately. Farmers are very important to our environment and economy, so the government should support them as much as possible. The death tax is unfair to our farmers with its illogical guidelines and rules. This tax has drastic effects on our farmers and their businesses, which affects growth and progression. Overall, the pain and suffering someone goes through when they lose a loved one shouldn’t be accompanied by a bill worth millions of
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