The economic implications of the death tax are clear: it destroys hard-earned savings and pushes small businesses and family-owned businesses into bankruptcy. Even economists themselves have acknowledged that the tax’s adverse effects on the economy exceed generated revenues. It is unfathomable that more Members of Congress are not fighting for a complete repeal of the death tax, especially considering that an abolishment of the tax could bring in nearly twice the revenue it currently generates. Additionally, permanent repeal would create 1.5 million jobs and slash the unemployment rate by a full percentage point over the next two years.
The death tax punishes thrift, savings, and hard work – three attributes that are imperative to getting our economy back on track. In times like these, we cannot afford to crush the talent and dreams of those who aspire to make our nation a better place.
Going from a 0 percent exemption rate to a 45 percent exemption rate is an egregious levy on taxpayers that must be stopped. Roll call votes on the legislation will be significantly weighted in our annual Rating of Congress.
If you have any questions, please contact NTU Federal Government Affairs Manager Jordan Forbes at (703) 683-5700.