I don’t often agree with Sebastian Mallaby, but in today’s Washington Post,Â his column about the estate tax is reasonable, forceful, and correct:
If the abolitionists succeed, some other tax will eventually be raised to make up for the lost revenue. So which tax does Congress favor? The income tax, which discourages work? A consumption tax, which hits the poor hardest? The payroll tax, which is both anti-work and anti-poor? Really, which other tax out there is better?
The whole thing is worth reading, particularly if you are someone who:
- Is in favor of repealing the estate tax
- Has less than $2,000,000
The United States should be a place where individuals can work to make a better life for themselves, not a place where an established aristocracy should control most of the capital, in perpetuity. The estate tax is progressive and beneficial, and its repeal would be, well, stupid.