Americans Oppose Estate or 'Death' Tax

Estate tax, death tax or inheritance tax — call it what you will — Americans oppose any tax on what parents leave their children, whether it be farms, businesses and property. That's the conclusion of a recent poll, conducted by two organizations - one with a Democratic slant and one with a Republican slant - and sponsored by Women Impacting Public Policy. The study further shows that politicians who favor retaining the tax may be looking for other work come election time.

A survey of voters conducted by Women Impacting Public Policy (WIPP) showed universal dislike of the tax, even by those who stand to gain nothing should it be repealed.

WIPP, a national bipartisan group of 430,000 women business owners and women in business, hired two well-respected research firms to survey more than 2,500 Americans on their thoughts on the estate tax. The research organizations included The Luntz Research Companies, whose clients include several prominent Republicans and national media outlets; and, Global Strategy Group, Inc., which works with the Democratic National Committee and media outlets.

WIPP reported that the survey found that politicians who support the tax are "out of step with their constituents regardless of income or political stripe."

"We want to leave our business to our children — if we have a business after paying the tax!" said Terry Neese, president and co-founder of WIPP. "The death tax is a real barrier to that hope. What this survey tells us is that people across the nation share our concern."

The survey found that voters believe the tax represents double and even triple taxation and are particularly opposed to the fact that its high rate — 49 percent — is often greater than the highest federal income tax rate.

Neese said the response was universal across the nation. In fact, some states, including Washington and California, have had successful taxpayer initiatives to overthrow widely unpopular state versions of the estate tax.

"People of all kinds across the country dislike the inheritance tax, and that includes Democrats and low income families," said Frank Luntz, president of Luntz Companies, one of the research firms that conducted the poll. "For example, 65% of those who make less than $30,000 a year think the tax is unfair, no matter what it’s called. In more than a decade of polling, I have never seen such hostility toward any other tax."

You may like these other stories...

Truckers and other owners of heavy highway vehicles take note: Your next federal highway use tax return is due on September 2.The September 2 due date, which was pushed back two days because the normal August 31 deadline...
The head of the IRS has a message for taxpayers and tax preparers who have endured long wait times while on the phone with the tax agency: Call your member of Congress.During his keynote speech at the 69th Annual Meeting of...
Regulators struggle with conflicts in credit ratings and auditsThe Public Company Accounting Oversight Board (PCAOB), which was created by the Sarbanes-Oxley Act in 2002, released its third annual report on audits of...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.