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“The tax raises little direct revenue – partly because the estate planners have been so successful in devising ways to escape the tax. Costs of collection and compliance are high, perhaps of the same order as direct tax receipts…These indirect effects mean that eliminating the tax is likely to increase rather than decrease the net revenue yield to the federal government.”

Over 700 economists joined the late Milton Friedman’s open letter calling for full repeal of the federal estate tax. Friedman’s open letter, first published 16 years ago, makes a common-sense case for eliminating the federal estate tax (more commonly referred to as the death tax because it is levied upon the death of a tax payer). Milton Friedman, famous for his 1976 Nobel Prize in economics and his Free to Choose series, advocated for repeal of the death tax to reduce compliance costs on small businesses and spur job creation.

Read the Letter

The Letter.

An Open Letter from Economists on the Estate Tax

To whom it may concern:

Spend your money on riotous living – no tax; leave your money to your children – the tax collector gets paid first. That is the message sent by the estate tax. It is a bad message and the estate tax is a bad tax.

The basic argument against the estate tax is moral. It taxes virtue – living frugally and accumulating wealth. It discourages saving and asset accumulation and encourages wasteful spending. It wastes the talent of able people, both those engaged in enforcing the tax and the probably even greater number engaged in devising arrangements to escape the tax.

The income used to accumulate the assets left at death was taxed when it was received; the earnings on the assets were taxed year after year; so, the estate tax is a second or third layer of taxation on the same assets.

The tax raises little direct revenue- partly because the estate planners have been so successful in devising ways to escape the tax. Costs of collection and compliance are high, perhaps of the same order as direct tax receipts. The encouragement of spending reduces national wealth and thereby the flow of aggregate taxable income. These indirect effects mean that eliminating the tax is likely to increase rather than decrease the net revenue yield to the federal government.

The estate tax is justified as a means of reducing the concentration of wealth. However, the truly wealthy and their estate planners avoid the tax. The low yield of the tax is a testament to the ineffectiveness of the tax as a force for reshaping the distribution of wealth.

The primary defense made for the estate tax is that it encourages charity. If so, there are better and less costly ways to encourage charity. Eliminating the estate tax will lead to higher economic growth, which is the most important variable in determining the level of charitable giving.

Death should not be a taxable event. The estate tax should be repealed.


Milton Friedman

Nobel Laureate in Economics

Hoover Institution

View letter as pdf
See the Signers

Nobel Laureates.


“for his contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.”



“for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”



“for his analysis of economic governance, especially the boundaries of the firm”


727 Economists.

Burton Abrams, University of Delaware

Keith Acheson, Carleton University

Brian Adam, Oklahoma State University

Richard Adams, Oregon State University

Douglas K. Adie, Ohio University

Richard Agnello, University of Delaware

Anup Agrawal, University of Alabama

Mohammed Akacem, Metropolitan State College of Denver

William P. Albrecht, University of Iowa

Armen Alchian

Louis De Alessi, University of Miami

Donald L. Alexander, Western Michigan University

John W. Allen, Texas A&M University

William R. Allen, University of California, Los Angeles

Ryan C. Amacher, University of Texas, Arlington

Yakov Amihud, New York University

David Anderson, Supply Chain Ventures

Gary M. Anderson, California State University, Northridge

Terry Anderson, PERC/Hoover Institution

Geoffrey T. Andron, Austin Community College

J. Arias, Georgia College & State University

Dominick T. Armentano, University of Hartford

Craig E. Aronoff, Kennesaw State University

George R. Averitt, Purdue University North Central

Harry Ayer, University of Arizona

John A. Baden, Foundation for Research on Economics & the Environment

Howard Baetjer Jr., Towson University

Charles W. Baird, California State University, East Bay

Marjorie Baldwin, Arizona State University

Ray Ball, University of Chicago

Paul Ballentyne, University of Colorado at Colorado Springs

King Banaian, St. Cloud State University

Chris Barnekov, FCC (retired)

Andy H. Barnett, Auburn University

William Barnett II, Loyola University of New Orleans

James Barth, Auburn University

Lowell Bassett, University Of Washington

Phillip Baumel, Iowa State University

Carson W. Bays, East Carolina University

William W. Beach, The Heritage Foundation

Robert Beam, University of Wisconsin – Superior

Bruce Bender, University of Wisconsin, Milwaukee

Michael Bennett, Curry College

James T. Bennett, George Mason University

Bruce L. Benson, Florida State University

William Beranek, University of Georgia

Douglas Berg, Sam Houston State University

John Berthoud, George Washington University

David A. Bessler, Texas A&M University

Sanjai Bhagat, University of Colorado

George Bittlingmayer, University of Kansas

Krzysztof Bledowski

Walter E. Block, Loyola University New Orleans

Elizabeth C Bogan, Princeton University

Cecil E. Bohanon, Ball State University

Geoffrey Booth, Michigan State University

Thomas E. Borcherding, Claremont Graduate University

Karl Borden, University of Nebraska

George H. Borts, Brown University

Samuel Bostaph, University of Dallas

Ronald S. Boster

Donald J. Boudreaux, George Mason University

William Boyes, Arizona State University

Scott Bradford, Brigham Young University

Charles H. Breeden, Marquette University

Duke K. Bristow, University of Southern California

Charles R. Britton, University of Arkansas

Wayne T. Brough, FreedomWorks

David P. Brown, University of Wisconsin-Madison

Phillip J. Bryson, Brigham Young University

Steven Buccola, Oregon State University

William Buchanan, Valdosta State University

Andrew Buck, Temple University

Northrup Buechner, St. John’s University

Don Bumpass, Sam Houston State University

Richard C. Burdekin, Claremont McKenna College

Richard Burkhauser, Cornell University

David R. Burnett, Gonzaga University

Nancy J. Burnett, University of Wisconsin, Oshkosh

David A. Burnie, Western Michigan University

Edwin T Burton, University of Virginia

James L. Butkiewicz, University of Delaware

Henry N. Butler, University of Kansas

William N. Butos, Trinity College

Bruce J. Caldwell, Duke University

John E. Calfee, American Enterprise Institute

Joseph Calhoun, Florida State University

William F. Campbell, Louisiana State University

William D. Campbell, Eastern Illinois University

Noel Campbell, University of Central Arkansas

Colin D. Campbell, Dartmouth College

Bolong Cao, Ohio University

Oral Capps Jr., Texas A & M University

Robert T. Carey, Clemson University

Thomas F. Cargill, University of Nevada

Phillip P. Caruso, Western Michigan University

Richard J. Cebula, Jacksonville University

Dustin Chambers, Salisbury University

Don M. Chance, Louisiana State University

Edward Chang, Missouri State University

Barry R. Chiswick, George Washington University

Howard Chochran Jr., Belmont University

Gregory C. Chow, Princeton University

Bhagwan Chowdhry, The Anderson School at UCLA

Ron Christner, Loyola University of New Orleans

Susan Christoffersen, Philadelphia University

Lawrence R. Cima, John Carroll University

Candice Clark, CABS Agent

J.R. Clark, University of Tennessee at Chattanooga

Michael J. Clark, Hillsdale College

William M. Clark, University of Oklahoma

Kenneth W. Clarkson, University of Miami

Paul A. Cleveland, Birmingham-Southern College

Warren Coats, International Monetary Fund

Morris Coats, Nicholls State University

Joe Cobb, Condordia Unviersity Irvine (Retired)

John P. Cochran, Metropolitan State College of Denver

Lloyd R. Cohen, George Mason University

Ben Collier, Northwest Missouri State University

Boyd D. Collier, Tarleton State University

Peter F. Colwell, University of Illinois, Urbana-Champaign

Michael Connolly, University of Miami

Cathleen J. Coolidge, California State University, Chico

Roy E. Cordato, John Locke Foundation

Bradford Cornell, California Institute of Technology and Charles River Associates

Jim F. Couch, University of North Alabama

James Peery Cover, University of Alabama

David B. Cox, University of Denver Eleanor

Craig, Jonkoping International Business School

Nicole V. Crain, Lafayette College

Susan J. Crain, Missouri State University

Mark Crain, Lafayette College

Gail L. Cramer, Louisiana State University

Robert W. Crandall, Brookings Institution

Clyde Wayne Crews Jr., Competitive Enterprise Institute

John R. Crooker, University of Central Missouri

Robert Crouch, University of California, Santa Barbara

Mario J Crucini, Vanderbilt University

Kirby R. Cundiff, Park University

Carl J. Dahlman, RAND Corporation

Coldwell Daniel III, University of Memphis

Albert L. Danielsen, University of Georgia

Larry Y. Dann, University of Oregon

Michael R. Darby, University of California, Los Angeles

Jerry W. Dauterive, Loyola University

Lawrence S. Davidson, Indiana University

Audrey B. Davidson, University of Louisville

Antony Davies, Duquesne University

Ernest E. Davis, Texas A&M University

Ronnie Davis, University of New Orleans

Ronnie H. Davis, Printing Industries of America

Edward Day, University of Central Florida

Arthur S. De, University of California, Irvine

Stephen J. DeCanio, University of California, Santa Barbara

Robert Dekle, University of Southern California

Gregory J. Delmeester, Marietta College

Christopher DeMuth, Hudson Institute

Joseph S. DeSalvo, University of South Florida

Allan C. DeSerpa, Arizona State University

William G. Dewald, Ohio State University

Arthur M. Diamond Jr., University of Nebraska, Omaha

William A. Dick, University of Illinois at Urbana-Champaign

Thomas DiLorenzo, Loyola University Maryland

Gregg Dimkoff, Grand Valley State University

David Dittman, Cornell University

Conrad Doenges, University of Texas at Austin

Jeffrey Dorfman, University of Georgia

Christopher Douglas, University of Michigan, Flint

Floyd H. Duncan, Virginia Military Institute

Joseph W. Duncan, Policy and Economic Research Council

Bill Dunkelberg, National Federation of Independent Business

James A. Dunlevy, Miami University

Parnell Duverger, Broward College

Gerald P. Dwyer, Clemson University

Espen Eckbo, Dartmouth College

Jefferson G. Edgens, University of Kentucky

Robert O. Edmister, Bowling Green State University

Judson C. Edwards, Troy University

Franklin R. Edwards, Columbia University

James R. Edwards, Montana State University- Northern

John B. Egger, Towson University

Isaac Ehrlich, University at Buffalo

Dennis F. Ellis, University of Michigan, Flint

Michael A. Ellis, Kent State University

Kenneth G. Elzinga, University of Virginia

Stephen Entin, Institute for Research on the Economics of Taxation

T.W. Epps, University of Virginia

Lee E. Erickson, Taylor University

Edward W. Erickson, North Carolina State University

Richard E. Ericson, East Carolina University

Dorla A. Evans, University of Alabama, Huntsville

Paul Evans, Ohio State University

Ayse Eversel, Southern Illinois University Edwardsville

James Fackler, University of Kentucky

Franklin Falero Jr., California State University

Eugene F. Fama, University of Chicago

Jianqing Fan, Princeton University

Kemm C. Farney, PHI Strategic and Financial Planning

Ken Farr, Georgia College and State University

Allen Featherstone, Kansas State University

Susan K. Feigenbaum, University of Missouri, St. Louis

Eric Fisher, California Polytechnic State University

John A. Flanders, Central Methodist University

Arthur A. Fleisher II, Metropolitan State College

Garry Fleming, Roanoke College

Harold D. Flint, Montclair State University

Fred Foldvary, Santa Clara University

William F. Ford, Middle Tennessee State University

Jennifer Fowler, Belmont University

Micah Frankel, California State University, East Bay

Marvin Frankel, University of Illinois at Urbana-Champaign

Michele Fratianni, Indiana University

Douglas C. Frechtling, George Washington University

Kenneth R. French, Dartmouth College

Holly Fretwell, Montana State University

Luke Froeb, Vanderbilt University

Diana Furchtgott-Roth, Manhattan Institute

Gladys Gallaway, Ohio University

Lowell E. Gallaway, Ohio University

Alejandro Gallegos, Winona State University

Gary M. Galles, Pepperdine University

Joseph C. Gallo, University of Cincinnati

Ananda Roop Ganguly, Claremont McKenna College

Delworth Gardner, Brigham Young University

Michelle R. Garfinkel, University of California, Irvine

Roger W. Garrison, Auburn University

Dave Garthoff, University of Akron

Gerald T. Garvey, Claremont Graduate University

James F. Gatti, University of Vermont

David E. R. Gay, University of Arkansas

Ilhan K. Geckil, Anderson Economic Group

Ilhan K. Geckil, Anderson Economic Group

Richard Geddes, Hoover Institution

Gregory M. Gelles, University of Missouri

Robert Genetski, classicalprinciples.com

Rolla Robert Geske, University of California, Los Angeles

Joseph A. Giacalone, St. John’s University

Adam Gifford, California State University, Northridge

David Gillette, Truman State University

Robert Gillette, University of Kentucky

Otis W. Gilley, Louisiana Tech University

Max Gillman

Dennis D. Muraoka, California State University Channel Islands

Vance Ginn, Texas Public Policy Foundation

Micha Gisser, University of New Mexico

Fred Glahe, University of Colorado

Charles J. Goetz, University of Virginia

Brian Goff, Western Kentucky University

Claudio Gonzalez-Vega, Ohio State University

Richard L. Gordon, Pennsylvania State University

Pete Gordon, University of Southern California

Ernie Goss, Creighton University

Greg Gotches, Webster University

Henry G. Grabowski, Duke University

Edward Graham, University of North Carolina, Wilmington

Phil Gramm

Wendy Gramm, Mercatus Center

Jim Granato, Michigan State University

Philip E. Graves, University of Colorado

Anthony J. Greco, University of Louisiana-Lafayette

Anthony J. Greco, University of Louisiana at Lafayette

William B. Green, Sam Houston State University

John M. Griffith, Old Dominion University

Earl L. Grinols, Baylor University

Elias C. Grivoyannis, Yeshiva University

Timothy Groseclose, Stanford University

Mustafa N. Gültekin, University of North Carolina, Chapel Hill

David D. Haddock, Northwestern University

James C. Haefner, Roberts Wesleyan College

R.W. Hafer, Southern Illinois University, Edwardsville

Dennis Halcoussis, California State University, Northridge

Thomas E. Hall, Miami University

Thomas Hamilton, University of St. Thomas

Daniel Hammond, Wake Forest University

Reza G. Hamzaee, Missouri Western State University

Robert G. Hansen, Dartmouth College

Stephen Happel, Arizona State University

Robert Harding, California State University, Northridge

Scott Harrington, University of Pennsylvania

Lydia Harris, Goucher College

Rich Hart, Miami University

James E. Hartley, Mount Holyoke College

Joe Haslag, University of Missouri

John A. Haslem, University of Maryland

Jerome E. Hass, Cornell University

Rudolf Hauser, Oppenheimer Capital (Ret)

Arthur Havenner, University of California

Davis Henry Hays, Gustavus Adolphus College

Jared Hazleton, TexEcon

Thomas Hazlett, George Mason University

Daniel Heath, Georgetown University Law Center

Frank L. Hefner, College of Charleston

John M. Heineke, Santa Clara University

Robert Heller

Robert B. Helms, American Enterprise Institute

John A. Helmuth, University of Michigan-Flint

David R. Henderson, Hoover Institution

Andrew R. Herr, St. Vincent College

Robert S. Herren, North Dakota State University

Bruce W. Hetherington, Oglethorpe University

Robert Higgs, The Independent Institute

Jack C. High, George Mason University

Jesse Hoyt Hill, Tarrant County College

Peter J. Hill, Wheaton College

Laurie Simon Hodrick, Columbia University

Robert J. Hodrick, Columbia University

Randall Holcombe, Florida State University

Arlene Holen, Technology Policy Institute

Charles L. Hooper, Hoover Institution

Dale M. Hoover, North Carolina State University

Kevin D. Hoover, University of California, Davis

George Horwich, Purdue University

Steven G. Horwitz, St. Lawrence University

Daniel Houser, University of Arizona

Thomas Howard, University of Denver

Ronald A. Howard, Stanford University

John S. Howe, University of Missouri

Neil Howe

Richard W. Hoyt, University of Nevada, Las Vegas

James L. Huffman, Lewis & Clark Law School

Jeffrey Rogers Hummel, San Jose State University

Lawrence Hunter, Empower America

Daniel D. Huppert, University of Washington

Monica Hussein, California State University, Northridge

Peter M. Hutchinson, Saint Vincent College

Bruce Hutchinson, University of Tennessee, Chattanooga

Larry Iannaccone, Santa Clara University

Christopher R. Inama, Golden Gate University

Dwight Israelsen, Utah State University

Richard Jackson

Stephen Jackstadt, University of Alaska

Austin J. Jaffe, Penn State University

Mark A Jamison, University of Florida

Robert C. Jeffrey, Wofford College

William P. Jennings, California State University, Northridge

Gerald R. Jensen, Northern Illinois University

Michael C. Jensen, Harvard Business School

Robert Jerome, James Madison University

Ginger Zhe Jin, University of Maryland

Bruce Johnsen, George Mason University School of Law

Ronald N. Johnson, Montana State University

Ronald W. Jones, University of Rochester

Jerry L. Jordan, Cato Institute

Charles Wolf Jr., Rand Institute

George G. Judge, University of California, Berkeley

Vinita Juneja, NERA Economic Consulting

Edward A. Kaschins, Luther College

James B. Kau, University of Georgia

Michael S. Kaylen, University of Missouri

Raymond J. Keating, Small Business & Entrepreneurship Council

David L. Kendall, University of Virginia’s College at Wise

Peter M. Kerr, Southeast Missouri State University

Han Kim, University of Michigan

Kent Kimbrough, Duke University

Peter G. Klein, Baylor University

Daniel Klein, George Mason University

Benjamin Klein, University of California, Los Angeles

Daniel B. Klein, Santa Clara University

David C. Klingaman, Ohio University

Charles R. Knoeber, North Carolina State University

Donald L. Koch

Paul R. Koch, Olivet Nazarene University

Carl A. Kogut, University of Louisiana at Monroe

Vladimir Kontorovich, Haverford College

Betty Kouo, Caterpillar Inc.

Michael I. Krauss, George Mason University

Robert Krol, California State University, Northridge

Jamie Brown Kruse, East Carolina University

Kishore G. Kulkarni, Metropolitan State College of Denver

Fyodor Kushnirsky, Temple University

Finn E. Kydland, University of California, Santa Barbara

Clay La Force

David N. Laband, Auburn University

Arthur B. Laffer, Laffer Associates

Randy Wm. LaHote, Washtenaw Community College (retired)

William E. Laird, Florida State University

Darius N. Lakdawalla, University of Southern California

Deepak K. Lal, University of California, Los Angeles

Kirsten Landeryou, FHLBank Regulation

William Landes, University of Chicago Law School

Steven E. Landsburg, University of Rochester

Richard LaNear, Missouri Southern State University

George Langelett, South Dakota State University

Nicholas A. Lash, Loyola University, Chicago

William Latham, University of Delaware

Robert A. Lawson, Capital University

Dwight R. Lee, Southern Methodist University

Timothy Lefever, Avon Capital Advisors

Norman Lefton, Southern Illinois University

Tom Lehman, Indiana Wesleyan University

Thomas De Leire, University of Chicago

Stanford L. Levin, Southern Illinois University Edwardsville

Tony Lima, California State University, East Bay

Allan E. Lines, Ohio State University

Christopher LINGLE, Universidad Francisco Marroquin 

Scott C. Linn, University of Oklahoma

Jody W. Lipford, Presbyterian College

Xuepeng Liu, Kennesaw State University

Luis Locay, University of Miami

Dennis E. Logue, Dartmouth College

Edward J. Lopez, San Jose State University

James R. Lothian, Fordham University

John R. Lott Jr.

Harold I. Lunde, Bowling Green State University

John Lunn, Hope College

Donald L. Luskin, Metamarkets.com

Ashley Lyman, University of Idaho

Bill Lynn, St. Ambrose University

Paul W. MacAvoy, Yale University

Maurice MacDonald, Kansas State University

Glenn MacDonald, Washington University in St. Louis

D.W. MacKenzie, Carroll College

Doug Mackenzie, Kean University

Joseph P. Magaddino, California State University, Long Beach

Y.Lal Mahajan, Monmouth University

Paul Malatesta, University of Washington

Margaret Malixi, California State University, Bakersfield

Keith D. Malone, University of North Alabama

Michael T. Maloney, Clemson University

Yuri Maltsev, Carthage College

Gershon Mandelker, University of Pittsburgh

Gregory Mankiw, Harvard University

Henry G. Manne, George Mason University

Anthony M. Marino, University of Southern California

Michael L. Marlow, California Polytechnic State University, San Luis Obispo

Noralyn Marshall, Risk Management Advisors, LLC

Christopher S. Martin, Hillsdale College

Rutilio Martinez, University of Northern Colorado

Paul M. Mason, University of North Florida

Ray Massey, University of Missouri

Timothy Mathews, Kennesaw State University

John G. Matsusaka, University of Southern California

Merrill Matthews Jr., American Conservative Network

Kenneth T. Mayland, ClearView Economics, LLC

Thomas H. Mayor, University of Houston

John McArthur, Wofford College

Bennett McCallum, Carnegie Mellon University

Fred S. McChesney, Northwestern University

Deirdre N. McCloskey, University of Illinois, Chicago

James E. McClure, Ball State University

John J. McConnell, Purdue University

John M. McDowell, Arizona State University

Richard B. McKenzie, University of California, Irvine

Hannah McKinney, Kalamazoo College

Douglas McMillin, Louisiana State University

Lawrence J. McQuillan, Pacific Research Institute

Bob McTeer, National Center for Policy Analysis

Roger E. Meiners, University of Texas, Arlington

David Meiselman, Virginia Tech

Allan Meltzer, Carnegie Mellon University

Kimberly D. Mencken, Baylor University

Stephen Mennemeyer, University of Alabama, Birmingham

Lloyd J. Mercer, University of California, Santa Barbara

Dr. John Merrifield, University of Texas, San Antonio

Paul Merski, Independent Community Bankers of America

Steven C. Michael, University of Illinois at Urbana-Champaign

Todd Milbourn, Washington University

Dragan Miljkovic, North Dakota State University

Jim Miller, Hoover Institution, Stanford University, and Center for Study of Public Choice, George Mason University

Tom Miller, American Enterprise Institute

Geoffrey Miller, New York University Law School

James C. Miller III, Citizens for a Sound Economy

Tracy C. Miller, Grove City College

Jeffrey D. Milyo, University of Chicago

James Mintert, Purdue University

Jeffrey A. Miron, Harvard University

Shannon Mitchell, Virginia Commonwealth University

Daniel J. Mitchell, The Heritage Foundation

Wilson Mixon, Berry College

James Moncur, University of Hawaii at Manoa

Carlisle E. Moody, College of William & Mary

Louis Moore, Pennsylvania State University

John H. Moore, Grove City College

Ted Moorman, Baylor University

Barry Morris, University of North Alabama

Michael A. Morrisey, University of Alabama, Birmingham

Andrew P. Morriss, Case Western Reserve University

Antoni Moskwa, Allegheny College

Charles B. Moss, University of Florida

Laurence S. Moss, Babson College

Robert F. Mulligan, Western Carolina University

Chris Muscarella, Penn State University

Richard F. Muth, Emory University

Steven C. Myers, University of Akron

Harry Nagel, St. John’s University

David Nelson, Western Washington University

George R. Neumann, University of Iowa

Robert J. Newman, Louisiana State University

Craig M. Newmark, North Carolina State University

Robert Niehaus, Robert D. Niehaus, Inc.

Scott Nystrom, Mercatus Institute

David J. O’Hara, Metropolitan State University

June O’Neill

James B. O’Neil, University of Delaware

John S. Oh, Portland State University

Lee E. Ohanian, University of California, Los Angeles

Reza Oladi, Utah State University

Lucjan T. Orlowski, Sacred Heart University

Lydia Ortega, San Jose State University

William Orzachowski, Orzachowski & Walker

Dale Osborne, University of Texas at Dallas

Evan Osborne, Wright State University

Fabio  Padovano, Università Roma Tre

Karen Y. Palasek, John Locke Foundation

Richard A. Palfin, Economic Analysis

Scott Palmer

Randall Parker, East Carolina University

Tammy Parker, University of Louisiana at Monroe

Allen M. Parkman, University of New Mexico

George R. Parsons, University of Delaware

E.C. Pasour, North Carolina State University

Judd W. Patton, Bellevue University

Mark Pauly, University of Pennsylvania

Gary M. Pecquet, Loyola University of New Orleans

Mark J. Perry, University of Michigan, Flint

Mark Peterson, Southern Illinois University

William H. Peterson, Campbell University

Ryan Phelps, Stephen F. Austin State University

Llad Phillips, University of California, Santa Barbara

Pedro Piffaut, FTI Consulting

Charles I. Plosser, University of Rochester

Charles R. Plott, California Institute of Technology

Joseph Pomykala, Towson University

Ivan Pongracic Jr., Hillsdale College

William Poole, University of Delaware

Arturo C. Porzecanski, American University

Barry W. Poulson, University of Colorado

Edward C. Prescott, Arizona State University

Joseph Prinzinger, Lynchburg College

Michael Pritchett, Brigham Young University

Aris Protopapadakis, University of Southern California

Richard W. Rahn, Cato Institute

James B. Ramsey, New York University

David Ranson, HCWE & Co.

Charles Rayhorn, Northern Michigan University

Ken Rebeck, St. Cloud State University

Kevin Reffett, Arizona State University

Martin A. Regalia, U.S. Chamber of Commerce

Spencer S. Reibman, Georgia State University

Joseph D. Reid Jr., George Mason University

George Reisman, Pepperdine University

Matthew Rendleman, Southern Illinois University, Carbondale

Craig G. Rennie, University of Arkansas

Alan Reynolds, Hudson Institute

Morgan O. Reynolds, Texas A & M University

Thomas A. Rhee, California State University, Long Beach

Barrie Richardson, Centenary College of Louisiana

Christine P. Ries, Georgia Institute of Technology

James R. Rinehart, Francis Marion University

Mario J. Rizzo, New York University

Gary Robbins, Fiscal Associates, Inc.

Aldona Robbins, Fiscal Associates, Inc.

Nancy Roberts, Arizona State University

Paul Craig Roberts, Hoover Institution

Richard Roll, University of California, Los Angeles

David Rose, University of Missouri-St. Louis

Larry L. Ross, University of Alaska, Anchorage

Timothy P. Roth, University of Texas, El Paso

Philip Rothman, East Carolina University

Ronald D. Rotunda, University of Illinois College Of Law

James A. Roumasset, University of Hawaii

Charles K. Rowley, George Mason University

Paul H. Rubin, Emory University

Roy J. Ruffin, University of Houston

John Ruggiero, University of Dayton

Mark Rush, University of Florida

Philip Rushing, University of Illinois

John Rutledge, Claremont Graduate University

Michael D. Ryngaert, University of Florida

Don Sabbarese, Kennesaw State University

Kevin D. Sachs, University of Cincinnati

Joseph T. Salerno, Pace University

Michael T. Saliba, Loyola University

Alexander William Salter, Texas Tech University

Donald M. Salyards, Winona State University

Dwight R. Sanders, Southern Illinois University, Carbondale

Gary Santoni, Ball State University

Atulya Sarin, Santa Clara University

S. Savas, City University of New York

Thomas R. Saving, Texas A & M University

Eric Schansberg, Indiana University Southeast

Stephen A. Schneider, Nathan Associates Inc.

Paul J. Schoofs, Ripon College

Michael A. Schuyler, Institute For Research on the Economics of Taxation

Anna J. Schwartz, National Bureau of Economic Research

Larry Schweikart, University of Dayton

William Schwert, University of Rochester

Frank A. Scott, University of Kentucky

Robert H. Scott, California State University, Chico

Gerald W. Scully, University of Texas, Dallas

John J. Seater, North Carolina State University

Larry J. Sechrest, Sul Ross State University

Howard Segermark, Segermark Associates Inc.

Richard T. Selden, University of Virginia

Barry J. Seldon, University of Texas, Dallas

Nejat Seyhun, University of Michigan

Alan C. Shapiro, University of Southern California

Dennis Sheehan, Penn State University

Judy Shelton, Atlas Network

Wade E. Shilts, Luther College

Anil Shivdasani, University of North Carolina at Chapel Hill

Stephen Shmanske, California State University, East Bay

William F. Shughart II, Utah State University

George P. Shultz, Stanford University

Tyler Shumway, University of Michigan

Werner Sichel, Western Michigan University

Jerome Siebert, University of California, Berkeley

Robert D. Simonson, Minnesota State University, Mankato

Evangelos Otto Simos, University of New Hampshire 

Gene Simpson, Auburn University

Neil T. Skaggs, Illinois State University

Clifford W Smith, University of Rochester

James F. Smith, Econ Forecaster, LLC

Vernon L. Smith, University of Arizona

Snorri Thomas Snorrason, Thomas More College

Russell Sobel, West Virginia University

Sovathana Sokhom, CSUDH

David L. Sollars, Auburn University of Montgomery

Steve Sonka, University of Illinois

John C. Soper, John Carroll University

John A. Sparks, Grove City College

David E. Spencer, Brigham Young University

Stan Spurlock, Mississippi State University

Leticia Starkov, Elgin Community College

Dennis R. Starleaf, Iowa State University

Charles N. Starnes, Wayland Baptist University

Michael Staten, Georgetown University

Mark Steckbeck, George Mason University

Charles N. Steele, Hillsdale College

Robert Stein, First Trust Advisors

Frank Stephenson, Berry College

Houston H. Stokes, University of Illinois, Chicago

Bernell K. Stone, Brigham Young University

Courtenay C. Stone, Ball State University

Gerry Suchanek, University of Iowa

Daniel Sumner, University of California, Davis

Scott Sumner, Bentley University

Christoffersen, Susan, Philadelphia University

Shirley V. Svorny, California State University, Northridge

Joseph A. Swanson, Zell Center for Risk Research

Michael P. Sweeney, Hillsdale College

Moshe Syrquin

Alexander T. Tabarrok, The Independent Institute

Robert Tamura, Clemson University

Craig Tapley, University of Florida

John A. Tatom, Indiana State University

Jason E. Taylor, Central Michigan University

Gregory S. Taylor, Northwestern University

Rafael Tenorio, DePaul University

Teresa Tharp, Valencia Community College

David J. Theroux, The Independent Institute

Clifford F. Thies, Shenandoah University

Henry Thompson, Auburn University

Walter N. Thurman, North Carolina State University

Richard H. Timberlake Jr.,

Robert D. Tollison, Clemson University

Robert H. Topel, The University of Chicago

Edward Tower, Duke University

Dang Tran, California State University, Los Angeles

Karen M. Travis, Pacific Lutheran University

John Trotter, Brockson

Leo Troy, Rutgers University, Newark

George Tsetsekos, Drexel University

David G. Tuerck, Suffolk University

Charlotte Twight, Boise State University

Michelle A. Vachris, Christopher Newport College

Norman Van, Ball State University

P.J van Blokland, University of Florida

Ludwig Van Den Hauw,

G. A. van Mierlo, Maastricht University

Karen Vaughn, George Mason University

Richard Vedder, Ohio University

George J. Viksnins, Georgetown University

Nancy Virts, California State University

Richard E. Wagner, George Mason University

Donald A Walker, Indiana University of Pennsylvania

Ronald W. Ward, University of Florida

John T. Warner, Clemson University

Alan Rufus Waters, California State University, Fresno

Leon Wegge, University of California, Davis

Andrew Weintraub, Temple University

Frank D. Weiss, Johns Hopkins University

Michael Welker, Franciscan University

Stanislaw Wellisz, Columbia University

John T. Wenders, University of Idaho

Nikolai G. Wenzel, Hillsdale College

Brian S. Wesbury, First Trust Portfolios, LP

Walter J. Wessels, North Carolina State University

Christopher Westley, Jacksonville State University

Robert Whaples, Wake Forest University

James B. Whisker, West Virginia University

Glen Whitman, California State University, Northridge

Gregg Whittaker, William Jewell College

Jonathan Williams, American Legislative Exchange Council

Michael E. Williams, University of Denver

Peter M. Williams, University of North Alabama

Walter E. Williams, George Mason University

Oliver E. Williamson, University of California, Berkeley

Brooks M. Wilson, McLennan Community College

Wayne Winegarden, Laffer Associates

Robert Wisner, Iowa State University

Michael Wohlgenant, North Carolina State University

Gary Wolfram, Hillsdale College

Lawrence C. Wolken, Texas A&M University

Sunny Wong, University of Oregon

Catherine D. Wood,

Ted Woodruff, St. Ambrose University

Jack Worrall, Rutgers University, Camben

Colin Wright, Claremont McKenna College

Yangru Wu, Rutgers University

Gene G. Wunder, Washburn University

Steve B. Wyatt, Miami University

Thomas L. Wyrick, Missouri State University

Pradeep Yadav, University of Oklahoma

Bruce Yandle, Clemson University

Bill Yang, Georgia Southern University

A. Yonge, Center for American Strength

Michael T. Young, Central Washington University

Kenneth Yung, Old Dominion University

Paul J. Zak, Claremont Graduate University

Mokhlis Y. Zaki, Northern Michigan University

John Zdanowicz, Florida International University

Clare W. Zempel, Zempel Strategic

Kate Zhou, University of Hawaii

Jerold Zimmerman, University of Rochester

Joseph Zoric, Franciscan University of Steubenville

Benjamin Zycher, Claremont Institute

Friedman on the estate tax.