Many Want the Estate Tax Repealed Permanently

Although the estate tax would only apply to about 2% of families as it stands for 2011, about 2/3 of Americans think that the estate tax should be repealed permanently. Even more perplexing is that 55% of Democrats think the estate tax should be repealed. Why do so many people want the estate tax repealed when it only affects so few?

One possible reason is a fairness argument. For example, people would’ve been displeased if the Steinbrenner family lost control of the Yankees due to estate taxes. Another possible reason is that many people believe that they too will be millionaires one day.

For more information, see Eric Schurenberg, The Estate Tax: Can George Steinbrenner Change the Debate, The Fiscal Times, July 28, 2010.