Tomorrow, the House of Representatives will vote on H.R.8 which seeks to permanently repeal the Death Tax. This legislation is a top priority of Americans for Tax Reform (ATR) and thus the vote will be included in our annual congressional ratings.
ATR reserves the right to rate to any vote on the matter including the alternative, which is designed to water down the effects of the legislation. We strongly oppose any efforts to simply raise the exemption and keep this immoral tax in place. As such, a vote not to fully eliminate the death tax will also be considered for our ratings.
The Death Tax has been an unnecessary aggravation for both individuals and businesses and has limited economic growth, ruined family owned businesses, and provides very little revenue to the government. Yet, the tax:
- Taxes the act of death. Taxing the act of death is indefensible. Families should not have to worry about the government reaching into their pockets when they are grieving the loss of a loved one.
- The tax is a painful form of double taxation and sometimes, triple taxation.
- The Death Tax places tremendous hardships on small businesses and family farms. In fact, due to the enormous tax bill that arrives upon death of their elders, 70 percent of family businesses do not survive the second generation and 87 percent do not get passed onto a third generation.
- The Death Tax has reduced the standard of living for all Americans, especially the very people that wealth redistribution was intended to aid, by reducing economic growth. Eliminating the Death Tax will free up new capital needed to make investments in technology, which increases labor productivity, and subsequently raises the incomes of workers and reduces the price of goods for consumers.
- The Death Tax is a terribly inefficient tax. According to the Joint Economic Committee (JEC), the cost of compliance with the Death Tax is roughly equal to the amount of revenue the tax actually generates.
Americans for Tax Reform Will Key Vote Tomorrow’s H.R. 8 Vote in Our Annual Congressional Ratings
We Urge All Members to Permanently Repeal the Death Tax and to Reject Any and All Efforts to Water Down the Proposal By Keeping This Immoral Tax In Place