Each generation should build its fortune upon its own ingenuity, not upon the wealth of the preceding generation. The government should tax the inheritances of the most wealthy individuals. This will encourage more charitable giving and help society pay for important programs.
As a Democrat, I’ve never been entirely comfortable with this particular platform plank, and if my memory serves me right, I voted against it being included in the YDG Platform. But I want to have a discussion about it, particularly the inheritance tax, because believe it or not, I agree with Republicans on this issue.
First of all, I don’t agree with the suggestion that each suceeding generation shouldn’t profit from the hard work, efforts, and talents of the preceeding generation. I believe that the only way our society progresses is by the children building on the works of their parents.
Secondly, while I agree that everyone should pay their fair share in taxes, I disagree with the notion that folks should have their inheritance taxed. And before you start getting on me about my previous statement, I’m fully aware that most Americans will never have any inheritances that they may receive taxed because of legislation passed that allows estates worth $2,000,000 or less to be excluded from the estate tax from now until 2008.
However, there’s a question on my mind that needs to be answered…Would the government be able to function at its current levels if the estate tax, inheritance tax, and gift tax were to be repealed?
If the answer to that question is yes, then I say let’s repeal the three taxes I listed above and take this issue off the table.