The GOP establishment has long considered tax-free inheritance as one of the foundations of the conservative movement. They have made the repeal an issue of fairness—why should people have to pay tax again when they die? However, much of this income at death represents unrealized capital gains that have not previously been taxed. The upcoming election will set a stage for how estate taxation can soon shape the future of inherited wealth around the nation.
See Pual Krugman, Hair Meets Heirs, NY Times, August 10, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
