The death tax will expire tonight as soon as the ball drops and 2010 officially begins. This is good news for the businesses and families the tax plagues.
Unfortunately, this triumph may be short-lived as Congressional leaders have pledged to revive the death tax in the new year and make it retroactive so anyone that passes away during the period the tax is repealed will still have to pay. This could be difficult legally and will undoubtedly lead to many lawsuits that will play out for years. Not to mention the moral aspect of raising taxes on those that have already passed on.
Despite what Congress may do in the future, tonight is a time to celebrate the expiration of an economically damaging and immoral tax. The death tax devastates family-owned businesses, depresses wages and costs the economy jobs. If Congress permanently repealed the death tax, the economy would add 1.5 million jobs.
The Senate will likely look to extend the death tax in the early part of 2010 – picking up where the House left off in 2009. The Heritage Foundation will continue to argue for full repeal when it does. In the interim, please see www.heritage.org/deathtax for all our latest research on the death tax and our videos detailing the burden this frightful tax inflicts on businesses.
. If Congress permanently repealed the death tax, the economy would add 1.5 million jobs.
Could you explain this in detail in another article? So far it is an empty claim.
Michael
This tax is shameful and should stay gone. It impacts the Greatest Generation…the ones born in a depression, who struggled and did without. Most got married with a quarter in their pockets, fought and won WW2, dealt with several more and made the most progress in the history of the world. They still won't buy something like ice cream unless its on sale, and then they buy name brand…AND save their money to leave for their children. What does the government do, takes it out of their dead hands. Screwed from the beginning to the end. SAD
Any congressional leader that pursues enacting a death tax at anytime in their lifetime, this time forward, will have killed any happiness left in their, individual, personal, family lives.
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