Saturday, April 09, 2005

Repeal the estate tax

I firmly believe it must be repealed. That was Larry Kudlow's commentary on his show yesterday, and a fairly hot topic on his blog. Check out the comments, including some from yours truly. My questions are, why should parents work and save all their lives, trying to leave something for their children, only to have the government take most of it? And if you say it's unfair that "rich people" leave their wealth for the next generation, what is that to you? Why are you so jealous?

Back in 2003, Donald Luskin (via Bruce Bartlett) linked to Greg Mankiw's speech at the National Press Club, where he argued for repealing the estate tax. It was a remarkable explanation in that it pointed out the estate tax's true incidence, and the fallacial belief that it's a "progressive" tax.

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