In a recent opinion piece by Congressman Mark Green, he argues for the repeal of the federal estate tax, claiming it is a threat to generational farming in Tennessee. However, Green’s arguments are misleading as the estate tax only applies to the wealthiest individuals in the country, with very few farmers actually being affected.
In 2021, only 2,584 estates nationwide paid the estate tax, with perhaps around 50 in Tennessee. Among large farms with high incomes, only a small percentage are likely to owe any estate tax, so the impact on farmers is minimal. Green claims that the Founding Fathers despised this tax, but history shows that they used it to fund national defense in the past.
The estate tax plays an important role in funding national defense, public safety, health, education, and infrastructure, generating $33 billion per year. It also encourages charitable donations by reducing the amount subject to tax. Wealthy individuals like Bill Gates, MacKenzie Scott, and Michael Bloomberg have donated to charities, potentially influenced by the estate tax.
Overall, the estate tax is an important tool for promoting equality, encouraging charitable giving, and funding essential government services. Green’s arguments against it are based on misconceptions and do not accurately represent the impact of the tax on farmers or the country as a whole.
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