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Updated: December
12,
2000 Study: Death Tax Should Be
Repealed A recently released study shows that the death tax violates the basic principles of a "good" tax system; it is complicated, unfair and inefficient. The study was done by the Joint Economic Committee of the U.S. Congress. The study concludes that the death tax generates costs to taxpayers, the economy and the environment that far exceed any potential benefits. It also highlights the devastating impact the tax can have on family businesses. The death tax would be history if a bill introduced Feb. 25 by Reps. Jennifer Dunn, R-Wash., and John Tanner, D-Tenn., becomes law. The bill would phase out the death tax over 10 years. "The bill would make it easier to keep the family ranch viable from one generation to the next," said NCBA Tax and Credit Committee Chairman Len Mertz, San Angelo, Texas, in a media statement. The Dunn/Tanner legislation would reduce each step in the death-tax rate schedule by five percent per year for 10 years. NCBA will be working closely with Congress to ensure that it knows eliminating the tax has long been a priority for NCBA because of it’s detrimental effect on many cattle producers. |
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