The Estate Tax Debate Continues
The Wall Street Journal’s Wealth Adviser section takes up the great estate tax debate with two points of view in an article entitled, What Should We Do With the Estate Tax?
Michael J. Graetz, co-author of the book, Death by a Thousand Cuts: The Fight Over Taxing Inherited Wealth who is currently a Columbia University law professor, is in favor of maintaining the estate tax. His argument is based on fairness – he argues that the estate tax just affects the small number of Americans who can afford it, and they should be willing to let go of some of their “windfall’ to support the government.
Ed McCaffery, author of Fair not Flat: How to Make the Tax System Better and Simpler and a USC law professor, is an advocate of abolishing the estate tax. He argues that estate taxes are nothing more than an incentive for Americans to “die broke”, that that those who work hard to earn their fortunes are being unjustly penalized for being successful. McCaffrey says that allowing people to keep what they earn is a moral issue.
Until Congress votes – which will now not be until November at the earliest, following the elections – the best advice on what to do about the estate tax is to keep informed and be prepared to act. You can also contact our Jacksonville estate planning law firm.
