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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
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"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
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Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
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Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
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Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
May 13, 2013 02:01 PM
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9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
May 13, 2013 01:30 PM
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.@GroverNorquist on MFA: "[The Senate] didn't ask all of the questions that needed to be asked": http://t.co/wXfkIR2Ca9 #NoNetTax
May 13, 2013 01:01 PM
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"When architects of #Obamacare are worried about it creating a trainwreck, you know something's gone terribly wrong": http://t.co/J6dfnKqFYZ
May 13, 2013 12:30 PM
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Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
May 13, 2013 12:02 PM
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The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
May 13, 2013 11:30 AM
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ATR Supports Thune Amendment to Senate Budget to Kill Death Tax
Senator John Thune (R-S.D.) will today offer an amendment to the Senate budget resolution calling for a full and permanent repeal of the death tax.
Senator John Thune (R-S.D.) will today offer an amendment (#307) to the Senate budget resolution. This amendment would create a deficit neutral reserve fund to fully and permanently repeal the death tax. ATR is supportive of this amendment and urges all senators to vote for it.
The death tax was permanently changed after the fiscal cliff. The top death tax rate is 40 percent. There is a death tax "standard deduction" of $10.3 million (indexed to inflation) for a married couple, half that for singles.
While these levels exempt most Americans from having to pay the death tax, those who do face this liability spend billions of dollars every year paying lawyers, accountants, actuaries, and life insurers to plan tax avoidance strategies. This sunk cost means less capital available to create jobs and grow the economy.
According to Reagan economist Steve Entin of the Tax Foundation, repealing the death tax would grow the economy by $1 trillion over the next decade and yield the U.S. Treasury an additional $150 billion in tax revenue due solely to economic growth.
Repealing the death tax is relatively-easy from a budget perspective. According to the Congressional Budget Office, the death tax will yield $200 billion in tax revenue over the next decade, less than one-half of one percent of all federal tax revenues. This level is less than one-tenth of one percent of all economic output. Repealing this destructive tax in a deficit-neutral and revenue-neutral way is not one of Washington, DC's greater policy challenges.
Posted by Ryan Ellis 
on Friday, March 22, 2013 2:36 PM EDT
on Friday, March 22, 2013 2:36 PM EDTTo follow Ryan Ellis's RSS feed click here. To follow them on Twitter, their handle is @ryanlellis
