About.
“THE ESTATE TAX IS A BAD TAX.”
“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.
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.
Signed,
Milton Friedman
Nobel Laureate in Economics
Hoover Institution
Nobel Laureates.
“for his contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.”
EDWARD C. PRESCOTT – 2004
“for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”
VERNON L. SMITH – 2002
“for his analysis of economic governance, especially the boundaries of the firm”
OLIVER E. WILLIAMSON – 2009
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
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Donald L. Alexander, Western Michigan University
John W. Allen, Texas A&M University
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Ryan C. Amacher, University of Texas, Arlington
Yakov Amihud, New York University
David Anderson, Supply Chain Ventures
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Ilhan K. Geckil, Anderson Economic Group
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Robert Heller
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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
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Peter J. Hill, Wheaton College
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Xuepeng Liu, Kennesaw State University
Luis Locay, University of Miami
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Paul Malatesta, University of Washington
Margaret Malixi, California State University, Bakersfield
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Anthony M. Marino, University of Southern California
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Ray Massey, University of Missouri
Timothy Mathews, Kennesaw State University
John G. Matsusaka, University of Southern California
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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
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David Meiselman, Virginia Tech
Allan Meltzer, Carnegie Mellon University
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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
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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
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Ted Moorman, Baylor University
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Richard F. Muth, Emory University
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Harry Nagel, St. John’s University
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Robert Niehaus, Robert D. Niehaus, Inc.
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Reza Oladi, Utah State University
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William Orzachowski, Orzachowski & Walker
Dale Osborne, University of Texas at Dallas
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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
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Ryan Phelps, Stephen F. Austin State University
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Joseph Prinzinger, Lynchburg College
Michael Pritchett, Brigham Young University
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Charles Rayhorn, Northern Michigan University
Ken Rebeck, St. Cloud State University
Kevin Reffett, Arizona State University
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Spencer S. Reibman, Georgia State University
Joseph D. Reid Jr., George Mason University
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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
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Charles K. Rowley, George Mason University
Paul H. Rubin, Emory University
Roy J. Ruffin, University of Houston
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Mark Rush, University of Florida
Philip Rushing, University of Illinois
John Rutledge, Claremont Graduate University
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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