The media and left leaning politicians portray people that advocate the repeal of the Federal Estate Tax as a small group of wealth hoarding racists that is set out on the goal of taking advantage of the poor to benefit themselves. This group gets together wearing expensive suits, smoking fine cigars, and drinking scotch to discuss how much they hate minorities and want to feed off of the poor for personal gain. It’s funny how two of the richest men alive, Bill Gates and Warren Buffet, have spoken in favor of the Federal Estate Tax on the grounds that wealthy men like themselves deserve to “pay their fair share.” Oddly enough, Gates and Buffet will not pay the Estate Tax. Why? These very wealthy men in top hats, golden cuff links, and monocles hide their money in family foundations. Who pays the Estate Tax? Small businesses and moderately wealthy people who have worked hard and are entitled to the money they earn. Who profits from the Estate Tax? The federal government? The poor? The middle class? The answer is none of the above. The government loses money because of compliance costs associated with the tax, the poor lose jobs because of the Estate Tax, and middle class families lose the ability to risk their money on a small business so that they may one day have wealth to send their children to the great universities our country has to offer. Maybe these children can even one day purchase a monocle and a fine cigar to celebrate the success of their parents.
Hence, I, a broke college kid, am a member of a very large group of middle class individuals demanding the repeal of the Estate Tax. The reason we demand repeal is because even though we do not send a check to the IRS entitling the government to half of our estate, we pay the tax everyday, and there is nothing we can do about it. The logic is simple economics. Because the government forces businesses into paying for lawyers, tying assets into special accounts that avoid taxes, and purchasing special life insurance policies, we as a country have a lost economic opportunity referred to as deadweight loss. Because of this deadweight loss many of us as individuals have have a lost economic opportunity referred to as a job. How many of us don’t have jobs because of the Estate Tax? Watch the following video and find out.
So yes, we, the broke college kids that have to look for work soon, hate the Estate Tax. Repeal it, so we can find work both during and after college. Who knows? Maybe some of us will even start a business and hire the next generation of college graduates. We spend a lot of time listening to our politicians attack businesses for all the evil they do, but why don’t we ever hear about all the harm the federal government does to businesses?
To see if the candidate you support for Federal Office supports the repeal of the Estate Tax please go to the American Family Business Institute’s Clickable Map