Thursday, April 2, 2009
The following excerpts are from Arthur B. Laffer, Spend It in Vegas or Die Paying Taxes -- A 0% tax on carousing, but 55% on thrift, Wall St. J., April 2, 2009:
In most cases, people who inherit wealth are lucky by an accident of birth and really don't "deserve" their inheritance any more than people who don't inherit wealth. After all, few of us get to choose our parents. It's also arguable that inherited wealth sometimes induces slothfulness and overindulgence. But the facts that beneficiaries of inheritances are just lucky and that the actual inheritance may make beneficiaries less productive don't justify having an estate tax.
Special thanks to Patrick S. Sylvester (Attorney & Counselor at Law, Sylvester Law Firm, PC) for bringing this article to my attention.