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The Federal Estate Tax Should Be Abolished

Decent Essays
Over the past few months, the federal estate tax has been a popular topic in the news. Also known as the death tax, this tax is applied to the transfer of an estate at passing away of an individual. Generally, said estate includes all assets of the person who passed away, including financial assets like stocks, bonds, and mutual funds; real assets, like houses, land, or other tangible property; and proceeds from life insurance policies. The United States federal government established the estate tax that is currently implemented in 1916. Since then, the estate tax was phased out in 2001, so that the rates dropped until eliminated in 2010. However, this legislation was not lasting, and the estate tax returned in 2011.
The estate tax that
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This tax is only creating more pain at a time when our country should be supporting its citizens who provide jobs and help boost the economy.
Since the inception of our great country, American families have worked hard their whole lives to make the money to support their families and pass a legacy down to their future generations. This hard work is built into the framework of our country. We say that we encourage the citizens to be self-made and work hard because both these actions will pay off. How can we truly be promoting success if our tax code is working directly against our hard-working citizens? In fact, the estate tax is actually a double tax: “income taxes must be paid on earnings that eventually make up the estate's value” (Wood). In 2015, the Supreme Court ruled that the double taxation that the state of Maryland was imposing on its citizens was unconstitutional (Brown). Our government needs to be taking the proper steps to eradicate all forms of double taxation, as it is certainly not fair to the people, the people for whom the Constitution was created to protect.
Another key fact that must be pointed out is the amount of revenue, or lack thereof, that this estate tax makes for the federal government. In 2014 alone, our federal government made over $3 trillion. Of that massive number, the estate tax counted for $19.3 billion, or a mere 0.6
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