Repeal of estate tax would have a limited impact
In the 1926 fictional novel, “The Richest Man in Babylon,” the last chapter involves the story of Sharru Nada, who teaches his partner’s grandson, Hadan Gula, the value of hard work. Gula questions why Nada doesn’t live his life lavishly and in excess and complains about not having his grandfather’s luck for generating wealth. In the end Gula learns the value of having to start low and work his way up, as well as learning the importance of work ethic.
An article in Time states that 70 percent of second-generation families lose their wealth and 90 percent by the third generation.
“Yet among the most compelling causes are younger family members who are ill prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.”
It seems to me that conservative doctrine has always promoted self-accountability and fiscal responsibility with the deficit. All the elimination of the estate tax (affecting only .2 percent of the population) does is weakens a family’s ability to sustain themselves long term and grossly inflates the bloated national debt with lost income from those most suited to provide to reducing it.
If you want to demonstrate being serious about reducing the deficit, lead by example.