Death and Taxes

Richmond Times-Dispatch

Supporters say taxes on estates are necessary to deter the rise of a plutocracy - or a class of undeserving coupon-clippers. As the cliche says, taxes level the playing field. But if that is their purpose, then they must rank among the duds.

Estate taxes often compel gritty entrepreneurs to sell the assets of small businesses, but they seldom prevent the idle rich or lucky deal-makers from protecting their fortunes and passing along considerable wealth to undeserving heirs. If the tax were effective, then there would be no corporate, political, or social dynasties. Every generation would start fresh. And if the tax reflects ethical public policy, then why don't its fans propose to structure it in a way that truly diminishes inherited fortunes?

Death may call for everyone, but the biggest boys and girls have numerous opportunities to escape or minimize estate taxes. The tax, a last government grab, clobbers more modest families. No one - no one - should be forced to sell or seriously reduce a family pharmacy, barbecue, or farm to pay taxes imposed by death. The grim reaper does damage enough. The state doesn't have to become his co-executioner.