When Bill died in 2006, he left his children $200,000 in cash (generated from labor earnings), a $1.1-million-dollar home he had purchased (with labor earnings) for $100,000 in 1980, and $1.2 million in stock that he had purchased (with labor earnings) for $200,000 in 1985. Evaluate the argument that the estate tax represents double taxation of Bill’s income.
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