Americans for Tax reform this week signed a coalition letter involving 111 groups urging repeal of the Death Tax. The House of Representatives passed the Death Tax Repeal Act of 2015, under the leadership of Ways and Means Chairman Kevin Brady (R-Texas). Now, the Senate must act by passing it as well. The Death Tax creates an unnecessary strain upon families, and hampers economic growth across the nation. It must be repealed.
Repealing the Death Tax is a step forward in ensuring that hard working Americans are not suffering due to heavy handed government ideologies. In addition, there will be significant benefits to both the economy and to American worker once the tax is repealed.
According to a recent Tax Foundation Study, the U.S. could create 139,000 new jobs by repealing the Death Tax. In addition, a 2012 study by the Joint Economic Committee found that the Death Tax has eliminated $1.1 trillion of capital within the economy, meaning less business and job opportunities.
The existence of this tax creates no tangible benefits, only tangible losses. Another Tax Foundation study found that repealing the Death Tax would lead to a $3.3 billion increase in federal revenue, instead of the small portion it provides currently.
ATR urges the Senate to take up the Death Tax Repeal Act and repeal this unfair tax. It is morally wrong to impose a tax once Americans are deceased.