|Since 2008 wealth gaps in America have increased, as this Mr. Burns clip suggests. Should the |
Estate Tax should be increased, as President Obama has proposed? The following should help you decide.
From the Center on Budget and Policy Priorities we get the "Ten Facts You Should Know About the Federal Estate Tax" ...
1. Fewer than 2 of every 1,000 estates (0.15%) face the estate tax (see chart below).
2. Taxable estates typically pay less than 1/6 of their value in taxes.
3. Large loopholes allow many estates to avoid taxes.
4. Only a handful of small, family-owned farms and businesses owe any estate tax (only 20 small businesses and farm estates nationwide owed any estate tax in 2013).
5. The largest estates consist mostly of "unrealized" capital gains that have never been taxed.
6. The estate tax is a significant revenue source.
7. Repealing the estate tax (again) would likely leave less capital for investment.
8. Compliance costs are moderate.
9. The U.S. taxes estates more lightly than most comparable countries.
10. The estate tax is the most progressive part of the tax code.
You can read the details behind the 10 estate tax facts listed above here.
|Chart for #1 above. The number of estates that actually pay the Estate Tax is ridiculously low.|