The House recently approved a permanent tax of up to 45% on estates worth 3.5 million or more. The vote was passed 225 to 200, with all Democrats on the approval side. The House claims that that the tax will affect less than 1% of estates in the United States. Analysts say that the bill will probably be heavily revised in the Senate before going to a vote.
I was quite shocked that the government can tax that much on someone's personal fortune. Granted I'm sure the money goes to helpful programs that support the less fortunate, it seems wrong to cheat someone out of nearly half of their money. However, conversely, where else is the government to get money for necessary programs? I suppose aside from Congressional organ donating sessions, taxing the rich is the way to go.
Links:
http://thecaucus.blogs.nytimes.com/2009/12/03/house-okays-permanent-extension-of-estate-tax/
http://www.reuters.com/article/idUSTRE5B258Q20091204?type=politicsNews
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