Taxes on inheritance have the joyous name of “death taxes”. The wealthy are very clever at creating scary sounding names for things they want to abolish so that the vast majority of people who don’t benefit from it do the abolishing for them.
According to this article 91.9% of Americans receive exactly ZERO inheritance. Oh Rob, you’re forgetting about me, I’m in the top 8.1%. OK, but are you in the top 1.6% because those are the only ones who receive more than $100,000. Another 1.1% receive $50,000 to $100,000. So 5.4% receive less than $50,000. In other words, the estate tax will cost most people nothing, some people a little bit of money, and only the people who can actually afford it will be hit hard.
The same article cites other myths most American’s believe. For one a poll found that people think the top 20% of Americans have 60% of the wealth when in fact they have 85% of the wealth. Worse, they believe the bottom 40% own 8% to 10% of the wealth, but that group has a mere 0.3%.
So next time you hear Death Panel, or Death taxes, or anything similarly scary, you might want to see who will benefit if that scary thing gets avoided. Same goes for “socialism” and “wealth distribution”. You know who doesn’t want wealth re-distributed right? It’s the wealthy, doh.