Forbes proposes that the estate tax should be repealed and that there should be higher and more progressive income tax rates to attempt to improve the nation’s fiscal situation. According to Forbes, the estate tax never generated much revenue anyway, and an income tax increase would be easier to administer. Forbes claims that wealthy people do not die often enough to make the estate tax worth the trouble, and maintains that there there are too many loopholes within the ever-changing laws.
See Matthew Campione, Repeal of Federal Estate Tax Long Overdue, Forbes, Nov. 17, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.
