Taxes should be as low as possible and fair
to all parties. Being taxed twice is incomprehensible, but that is exactly what
the estate tax does − tax families twice for simply passing along their
property to the next generation. When something does more harm than good, it’s
absolutely time to make it stop. Such is the case with the federal estate tax –
a tax that more commonly, and accurately, is referred to as the “death tax.”
According to a new study titled “Cost &
Consequences of the Federal Estate Tax,” the death tax has been backfiring for
nearly a century. Intended – albeit questionably − to prevent the
monopolization of wealth, the tax has proved to be archaic, misguided and
downright unfair. Even worse, it is killing family farms and other
entrepreneurial endeavors by burdening the heirs of the deceased with tax bills
that often force them to downsize, sell or shutter their operations. Why
penalize success and discourage the American dream? Why turn away other taxes paid
in the form of input costs?
Rep. Kevin Brady of Texas has been vigorously
advocating a repeal of the death tax for quite some time, and I couldn’t agree
with him more. Taxing farm families out of business jeopardizes our nation’s
food, fiber and timber supply. At a time when fewer Americans are entering into
agriculture, the death tax needs to go. We’re already dependent on foreign oil;
we cannot become dependent on foreign food.
To read Rep. Brady’s press release advocating
death tax repeal, go here.