Estate Tax, or what has become more commonly known as the "Death Tax," is a tax on the transfer of property at a person's death. This tax is known to favor large businesses and wound smaller, family-owned enterprises.
At a rate of 40%, the Death Tax is unequivocally despised by the majority of American voters, who call it what it is: unfair. The tax falls on the children and the grandchildren of the deceased, essentially causing funds to be double-taxed. This fiscal inefficiency stifles economic growth and leaves some of society's most successful contributors feeling cheated and disillusioned.
"[The Death Tax] is the number one reason why small businesses don’t pass their business down to their kids—number one reason why our family farms are disappearing," stated Congressman Kevin Brady (R-TX), who is Vice-Chairman of the Joint Economic Committee.
Many Americans who are concerned with the future of their families are asking: is there a way to repeal this Death Tax?
Come September, Representative Kevin McCarthy (R-CA), who is the new conservative House majority leader, will face his first days in his new role. Despite a good deal of liberal opposition, McCarthy could unite moderate and conservative voters behind the notion of repealing this Death Tax. There may be hope for change around the corner.
Click here to read more about Rep. McCarthy's new foray into House leadership and how it intersects with the Death Tax.
What do you think about the Death Tax? Should it be repealed? Share your thoughts in the comments.