"Currently, not only are Americans taxed on what they earn, but those assets are taxed again when they are passed on to a loved one"
About this Quote
The intent is clear: delegitimize the estate tax by renaming it as a kind of “double taxation,” a phrase that works because it sounds like cheating. The subtext is even sharper. “Those assets” sidesteps the messy question of how big those estates are, and whether the beneficiaries did anything to earn them. “Loved one” is strategic sentimentality, inviting the audience to picture a widow, a child, a family business - not heirs to a nine-figure portfolio. It’s populist language in the service of a policy that, in practice, primarily benefits the wealthy.
Context matters: Bono, a Republican former congresswoman, spoke in the long-running post-Reagan campaign to shrink taxes on wealth transfers. The quote is less an explanation than an inoculation: if you accept the premise of “taxed again,” any defense of the estate tax can be framed as bureaucratic cruelty rather than redistribution or revenue policy.
Quote Details
| Topic | Wealth |
|---|---|
| Source | Help us find the source |
| Cite |
Citation Formats
APA Style (7th ed.)
Bono, Mary. (2026, January 15). Currently, not only are Americans taxed on what they earn, but those assets are taxed again when they are passed on to a loved one. FixQuotes. https://fixquotes.com/quotes/currently-not-only-are-americans-taxed-on-what-149017/
Chicago Style
Bono, Mary. "Currently, not only are Americans taxed on what they earn, but those assets are taxed again when they are passed on to a loved one." FixQuotes. January 15, 2026. https://fixquotes.com/quotes/currently-not-only-are-americans-taxed-on-what-149017/.
MLA Style (9th ed.)
"Currently, not only are Americans taxed on what they earn, but those assets are taxed again when they are passed on to a loved one." FixQuotes, 15 Jan. 2026, https://fixquotes.com/quotes/currently-not-only-are-americans-taxed-on-what-149017/. Accessed 18 Feb. 2026.



