Belmont University

Death Tax Change is Dead

Just two days ago I sounded a cautionary note about the chances of a permanent repeal of the estate tax. It had passed the House and showed some progress in the Senate. Today we hear that 41 senators killed the repeal of the estate (or so-called "death") tax, at least for now.

From the Chattanoogan:

U.S. Senate Majority Leader Bill Frist Thursday made the following statement after the Senate voted against proceeding to legislation that would permanently repeal the "Death Tax:"

"The Death Tax is an unfair burden inflicted upon America's small businesses, farmers, and families during a time of grieving and pain. Wiping this vicious tax from the books is a matter of principle. We should protect -- not punish -- hardworking families by burying the Death Tax forever.

"It's unfortunate that a minority of my Senate colleagues have blocked debate on permanent repeal of this wrongheaded tax.

"This won't be the last time this year the Senate votes on this important issue -- be it on the floor or in some other form. Getting rid of the Death Tax is just too important an issue to give up so easily."



Posted by Jeff Cornwall on June 8, 2006 04:47 PM |

Comments

Wow, what are they thinking? I don't think this will help them in any election!

Birdied by: James Ellis | June 12, 2006 05:36 PM

Seems to me we are not identifying the root cause of this one. If the American government has a budget of say a $1000 and this tax represents $1, isn't the government still going to get their $1000 regardless of what we cut in estate taxes. Shouldn't a proposed cut in taxes come with a cut in services/programs so we are just not switching the places the money comes from. Real change would mean eliminating the estate tax and reducing the budget by cutting spending, budget should be $999 with an elimination of the estate tax.

Birdied by: Bryan Webb | June 16, 2006 09:26 AM

The death tax is definitely hurting America's small businesses. Which is not a good thing since in an earlier blog, statistics show that small businesses are declining in the US economy and currently represent 50% of GNP. A family-owned business could lose nearly half of all its assets when it passes from one generation to the next all because of the current Estate Tax law which is really a tax on death. Certain statistics show that eliminating the death tax does not add to the deficit.

Birdied by: Vin Phan | June 20, 2006 02:47 PM

Tap it in and Comment, Please

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