In our case, the estate tax has encouraged us to set up a family foundation. Without revenue from the estate tax, there would be an even greater burden on taxpayers who never inherit a dime. That would be a terrible legacy for our family and America's future. Members of Responsible Wealth who oppose repeal of the estate tax are available for interviews. Current law contains protections for family farms and businesses.
Spouses can inherit estates of any size without any tax liability.
The wealthiest multimillionaire families would get a giant tax break. The estate tax is not double taxation. A majority of the value of the largest estates have never been subject to taxation. Heirs inherit the assets at their full, appreciated value. Without the estate tax, those gains would remain untaxed forever.