Death is Not a Taxable Event
Posted by
Randy
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December 03, 2009
The death tax is damaging and unfair. Here’s why:
It’s bad economics. The death tax discourages business growth and prevents our economy from achieving investment potential. A study by the former non-partisan Congressional Budget Office Director Douglas Holtz-Eakin shows that eliminating the death tax would allow small business investment to rise 3% annually and add 1.5 million jobs to our economy.
It discourages American principles of hard work and long-term investment. The core of the American Dream says that every citizen has a right to work hard to provide for their family and to pass on that foundation to future generations. The death tax flies in the face of the American Dream and says that it is appropriate for the federal government to take half of everything a person owns as a punishment for success. Instead, it encourages meaningless consumption. Hardworking families already pay a disproportionate amount of taxes to the federal government during their living years; it is simply wrong to tax them again when they die. In such difficult times, families not only cope with the loss of a loved one, but many are forced to sell their businesses or farms to pay the death tax. Death is not a taxable event. Instead of making the death tax permanent, we need to put it to rest for good. I’ve cosponsored H.R. 1960, which would permanently repeal the death tax. You can read more about my work on tax issues here.
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