Millionaires Support Estate Tax--Sort Of

August 2005
Journal of Financial Planning;Aug2005, Vol. 18 Issue 9, p20
Academic Journal
This article focuses on the results of a 2005 study in the U.S. regarding the attitude of millionaires towards the federal estate tax. Three out of four millionaires want to keep the estate tax, after some overhauls, while one in four wants to repeal it. But their views depend strongly on how much money they have and how they made it. Nearly 75 percent of millionaires who inherited their wealth support the idea of a progressive estate tax, while only 43 percent of self-made millionaires support it. Most of the millionaires worth more than $20 million want the tax abolished, while 93 percent of those worth $ 1 million to $10 million want the exemption amount raised, sparing many of them from the tax.


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