Wednesday, April 27, 2005

Why the Estate Tax is Needed

Most of us have benefitted from charity: scholarships, grants, advocacy for our rights, services from non-profits, gifts to schools we attend, etc...The point is, none of us would be were we are today without philanthropy. The reason there is so much philantropy, IS BECAUSE there is an Estate Tax. Rich people can donate to charity in lieu of paying it. Charities and non-profits stand to lose 10 billion per year without an estate tax to encourage giving.
All you need is a PhD in Human Nature. Do you think that is a rich grandparent is on their death bed, that all of the heirs will allow 45% of the estate to go to some charity??? Of course not!
This is the most economically elitist act possible. It keeps wealth where it is and the rest of us will lose many of the benefits of non-profits that we have all previously benefitted from.

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