"But death tax, ..... is one tax that will never effect me personally nor anyone else it applies to."
Wow! Boy, have I got bad news for you....
I'm not sure if you read my real-life in-practice true story post from when death taxes were last in force. Reprinted below.
But you can be sure that the money lost from that farm, twice in quick succession, affected the whole food chain, prices, and had a dramatic lasting effect on the lives of many people.
"I don't have a problem with a death tax, estate duty, what ever you want to call it. If I haven't managed to spend my money before departing, then that's my mismanagement of my money."
There speaks the voice of innocence and inexperience..
As with most of what comes from the Government, general statements always sound good, but in practice many are a disaster.
Consider this true story from the last time death duties were in effect.
A first generation Australian was granted a small parcel of land to farm. She worked her butt off and paid for it, and then added more. She worked like a slave, and so did her sons as they worked the property. Eventually the debt was all paid off and the family now owned the farm.
At age 42 one of th sons died suddenly. His share was subject to death duty. Once again debt was incurred to pay it and after a few years it was paid off again. Now the mother died, and you can guess the rest.
What it amounted to was that years of toil and physical work beyond what anybody would do today, was basically handed to the Government on a plate. I don't think death duties will be reintroduced any time soon.
