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Study stresses benefits of repealing estate tax

September 14, 2009 by  

Study stresses benefits of repealing estate taxOpponents of estate tax may have received new ammunition with the publication of a study which says the provision’s repeal will contribute to economic growth and enhance government revenue.

The work is detailed in the report published jointly by the Family Research Council (FRC) and the American Family Business Foundation and suggests eliminating the tax could create more than 1.5 million jobs.

"[Estate tax] kills jobs, family prosperity and necessary federal revenues," says FRC president Tony Perkins.

"It is regressive, punitive taxation at its worst, and shows how Washington’s impulse to redistribute wealth only produces less growth and greater economic inequity," he adds.

The study stresses the tax affects mainly small businesses, which it calls America’s "main economic engine," responsible for creating 60 to 80 percent of new jobs in the last decade. It estimates that raising the rate to 55 percent with only a $1 million exemption would eliminate 500,000 jobs.

The estate tax is imposed on the transfer of the taxable estate of a deceased person, and according to the Economic Growth and Tax Relief Reconciliation Act of 2001, the applicable exemption increases to $3.5 million in 2009, the tax will be repealed in 2010, but in 2011 it is scheduled to return with the exemption of only $1 million.
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Spencer Cameron

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  • Jaya

    For a comprehensive review of estate tax and the tax industry involved with deaths, check out the following link:
    http://www.twst.com/tt/info/info1659.htm

  • diane elizabeth ballou

    I rely on the Lord. He uses rich people to hep others have enough. I love everyone most days, since Jesus came into my Life. All I did was cry out and say, I can.t make it anymore and if someone doesn’t help me I am checking out. I have heard your name is Jesus, so Jesus, please help me. That’s when I ^heard^ Him speak to me and I knew who it was. I had heard someone a few times before in bad times, but I didn’t know who it as. So, leave estates and every thing else alone. H can use them. Only sales tax is fair. Obama, He can use you. Right now the devil is. Say a little prayer to check your bearings. Don’t let anyone but Jesus hear. This is a poor person asking you to lay off my rich neighbors please.
    Love,
    diane elizabeth

  • Dolores Garrity

    Diane Elizabeth, You do NOT have a clue!!! Estate taxes will not be used to help the poor. Jesus wants people to give voluntarily to help the poor; the gov’t. takes tax $$$ at gunpoint!! I don’t know who/what you heard. It was NOT Jesus. He speaks to us through his Word, the Bible. Obama will “use you” alright as he tightens the noose around the necks of all freedom loving people.

  • Bill Metcalf

    I call the repeal of the estate tax, The Trouble Tax Relief Act,(death tax {Republican}, Paris Hilton Tax Relief Act [James Carville]. Trouble is the name of Leona Helmly dog which inheirted $11,000,000. If you didn’t know, Ms Helmly had a few problems paying her income taxes. You may want to pay more taxes so that trouble does not have to pay any but I sure doin’t.

  • Kevin Beck

    The two industries that benefit from the estate tax are the money-spenders in Washington, and all the nation’s estate planners who attempt to devise ways to avoid the estate tax. If it were eliminated, these people (I would consider calling them parasites) could attempt to earn an honest living. Then again, maybe they all failed at that, and are stuck with what they do now.

  • http://ordy@fedtel./net Eric g

    Estate taxes should be paid by the person recieving the money . a 1 million estate at 6% would bring in 60,000 a yr no need to work . where 1 million devided amoungst 6 kids would be about a 170000 . could be enough for a college education or down payment on a small buisness or even a free house . a nice little help but you would still be required to work and benifit society . Also this would get evreybody off to a more equal start .

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