Has there been a study about how much money is spent by the rich to set up trust funds or use other loop holes to avoid the tax.
Has there been a study to show how much money is sitting in trust funds.
I think if you had a reasonable amount to pay for an estate tax, it wouldn't be an issue. I think it should be capped at 5%.
I think the trust fund is what keeps some families rich. Imagine how fast those large family trust funds would be spent if the money was given to the heirs.
I bet Ozzy's kid would run through their dad's money within 4 years if they were given Ozzy estate if he and Sharon died tomorrow.
I think if you had a reasonable amount to pay for an estate tax, it wouldn't be an issue. I think it should be capped at 5%.
For me, the argument is not how much, but why at all. You are taxed when you earn the money; you are taxed when you save it and receive interest; and you are then taxed when you die? The govt should have nothing to do w/ the choice you made over your lifetime to save money rather than to spend it and then in your twilight years be dependent on the state. Inheritance/death tax is out and out thievery.