With apologies to H.L. Mencken, it seems to us that progressive legislators and policy wonks use estate taxes to calm their haunting fear that someone, somewhere, is keeping their own money.

Oregon Gov. Tina Kotek has signed a measure that will streamline estate taxes for many farm and natural resource estates.

Senate Bill 498 will ease succession problems for family farm, forest and fishing estates with a tax exemption for operations worth up to $15 million. Its critics claim it will reduce state revenues and benefit wealthy investors.

Don’t buy that flopdoodle. This is a common sense measure that will offer real relief to family farming operations.

According to the Heritage Foundation, death and taxes have been linked since the Egyptians first imposed a 10% tax on estates in 700 B.C. The first calls to eliminate the dreaded “death” tax likely came shortly thereafter.

Estate and inheritance taxes came to America in colonial times, but weren’t imposed in earnest by the federal government until the Civil War. They have since been adopted by many states.

Supporters of death duties argue that estate taxes promote “fairness” by reducing large inheritances and generational wealth.

They say income and capital gains taxes favor the rich over “working” families, and that the estate tax helps to balance the inequity.

Supporters say that most families never face the estate tax, and that those who do can reduce the burden through careful planning.

But estate taxes can be ruinous to families who are asset-rich and relatively cash-poor — farmers and business owners, particularly those who must maintain expensive plants and equipment to operate.

Before now, Oregon had a tax credit meant to reduce the “death tax” burden for farmers, but the provision was saddled with 36 requirements that often prevented families from using it, said Rep. Kevin Mannix, R-Salem.

“It’s an accountant’s and a lawyer’s dream and a family’s nightmare,” said Mannix, a chief sponsor of SB 498.

Farm families could use the credit to reduce their estate tax burden by up to $7.5 million if the inherited assets were valued below $15 million.

To be eligible, estates had to consist of at least 50% natural resource properties, including farmland, forestland, fishing vessels, livestock, crops, nursery stock, machinery, equipment and other assets used in qualifying activities.

Even well-planned estates could run into trouble if values appreciated over $15 million at the time of death, or the natural resource portion of the estate depreciated below 50% of the total.

Under SB 498, the $15 million tax exemption would apply regardless of the estate’s total worth or its proportion of natural resource properties — however, only the natural resource assets are covered by the exemption.

And rather than aiding silk-stocking investors, the bill requires that family members be actively engaged in farming, forestry or fishing to employ the exemption.

This measure will help preserve family farming operations, and will benefit all Oregonians by keeping those operations viable.