Opinions on Estate Tax Reform

Last week I searched high and low to find high-quality editorials and opinion pieces on Estate Tax reform. What I found was a lot of spin and very little substance. To my surprise, other tax bloggers have reported similar results. Estate planning attorney Joel A. Schoenmeyer, who posts his thoughts at Death and Taxes, has written a thoughtful response to the most prevalent arguments for repeal of the estate tax in his article, "Some Personal Thoughts on the Estate Tax." Mr. Schoenmeyer states his case upfront: he is opposed to the estate tax, but finds it galling that some members of Congress prefer to give out tax cuts to the rich at a time when the nation faces an enormous budget deficit. For a roundup of liberal commentary on the estate tax, see Deborah White's article, "Liberal Blogs Speak Out Against Permanent Repeal of Estate Tax." For the conservative perspective, see "Taxes Everlasting" from the Wall Street Journal and a special report from the Tax Foundation, "Death and Taxes: The Economics of the Federal Estate Tax."

If I were to summarize the debate so far, it goes like this. Repealing the estate tax is not feasible considering the current state of federal spending, but keeping the estate tax intact perpetuates an inefficient tax system.