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Despite the President's Continued
Opposition,
Support for Death Tax Repeal Continues to Build |
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May 15,
2000 |
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Day after day American
workers and small business owners work long hours, trying to save
and build up a successful business or at least a nest egg to leave
to their children. It’s often called the American
Dream.
But the federal government puts some big roadblocks in the way of
achieving that dream. One of the biggest is the death
tax. Also known as the inheritance tax, Americans can be
forced to turn over to the government up to 55 percent of everything
for which they’ve worked. It’s just wrong.
Studies show that most
family-owned businesses don’t make it to the second generation and
very few make it to the third. Whether you are in farming and
ranching or the dry cleaning business, the death tax can force your
children to sell off what you spent a lifetime to build just to pay
the tax.
I’ve been pushing to repeal the death tax since the first day I came
to Congress. In the next few weeks, the House of
Representatives will vote on a bill which does just that. I do
not expect the President will sign it into law this year, but I am
encouraged that fewer people in Congress and in the country try to
defend this tax that brings in relatively few dollars but costs our
economy so much.
We ought to encourage people to work hard, build, save, and try to
leave something so their children can have a better life.
Laying the death tax to rest once and for all will
help.
In the process, it will help make the American Dream become reality
for thousands of people. |
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