When he died, it was taxed again. The mother died two years later and they were taxed again. This was effectively an 88 percent tax. It provides tax income for city, state, and federal governments. The more families sweat, the more tax they pay.
Many people say that the estate tax brings in a lot of revenue.
In truth it brings in maybe one percent of the government s total annual budget. But this one tax destroys many family-owned businesses and estates for individuals. This is an issue that affects people other than those with large estates. You re looking at one. And I was raising two daughters because I suddenly found myself in the midst of a divorce that I didn t know was coming and did not want.