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- The death tax brings in less than 1.4 percent of total revenues,
and it is estimated that enforcement of the tax costs the federal
government 65 cents for every dollar it raises.
- According to the Joint Economic Committee, in this century the
death tax has reduced stock of capital in the economy by $497
billion, a 3.9 percent reduction (The Economics of the Estate Tax,
December 19, 1998)
- Family businesses could better use their resources to modernize
equipment, expand operations and create new jobs, rather than spend
hundreds of thousands of dollars for lawyers, accountants and
insurance to deal with the death tax.
- A person who works hard, pays taxes along the way – both
corporate and income taxes – and invests and saves money should
not be penalized with a punitive tax at his or her death. Through
this onerous tax the federal government is sustaining a public
policy that undermines the fundamental principles that our nation
supports – hard work, savings and fairness.
- Legislation (HR 8) was passed
in congress that would gradually phase-out the death tax over an
eleven-year period. But President Clinton chose to veto it.
- At
FLTC, we believe that death should not be a taxable event. So we
want to help the United States Congress continue the good fight to
enact legislation that phases-out this onerous and unfair tax.
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