Magazine article Insight on the News

Death to the Death Tax? Not Just Yet

Magazine article Insight on the News

Death to the Death Tax? Not Just Yet

Article excerpt

On April 4, the U.S. House of Representatives approved a bill, sponsored by Republican Rep. Jennifer Dunn of Washington state, repealing the federal estate tax by a comfortable 274-154 vote. The problem: Most of the cut will not occur until the year 2011 -- and the Senate has yet to pass a similar bill.

All the more reason, say "death-tax" opponents, for anti-inheritance tax rallies such as the one that occurred at the U.S. Capitol just last month, sponsored by David Keene of the American Conservative Union.

"The inheritance tax is a death tax -- the death of the American Dream," said Christopher Wysocki, president of the Small Business Survival Committee. "If I work all my life in a small business, all of my wealth is in my business and its capital stock. I don't have cash reserves to pay a 60 percent death tax. I or my heirs must sell the business and my life's work along with it."

"Raising enough cash to pay the tax gives me a good reason to invest offshore," said John Robinson, a midsized Illinois manufacturer of high-tech equipment. …

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