Estate Taxes: An Idea Whose Time Has Gone

A tax on estates had merit in earlier times as a leveler of the playing field for children from middle-class and poor families. But children in modern, knowledge-based economies "inherit" the economic position of their parents primarily through the transmission of human capital. Tangible wealth plays a decreasing role. Since the important public-policy role of estate taxes has passed, it is time to eliminate the tax.

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