As I have previously discussed, there are many individuals that would like to repeal the estate tax because it is an inefficient tax and places a burden on small business owners, entrepreneurs, and farmers and ranchers. A report that was released by a congressional committed called the Joint Economic Committee has confirmed these arguments. One of the primary findings in the report was that compliance with the estate tax actually cost taxpayers more money to avoid the estate tax than the tax generates in revenue. This problem could become even more exacerbated if Congress allows the Bush Tax Rates to expire. With the expiration of the Bush Tax Rates, more estates will be subject to the estate tax.
See Betsi Fores, Report: Estate Tax ‘Even Worse Than Republicans Say’, The DC Social Reader, Sept. 4, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
