By Congressman Bob Latta (R_OH5)
One of the most plainly unfair taxes in the entire U.S. tax code is the Estate Tax — also known as the “death tax.” Even though American families pay taxes their entire lives — income taxes, payroll taxes, Medicare taxes, capital gains taxes and more — the federal government can’t help but reach its hands into their pocket one last time after they die to grab 40% of their hard-earned money.
The death tax creates real world problems for farmers, ranchers, and small business owners — groups we can least afford to penalize during this economic recovery. In sectors that require high capital investments, like agriculture, families often have difficulty meeting tax requirements imposed by the death tax because their cash assets are much lower than the value of land, property, and equipment. In addition to the costs imposed at death, the death tax also has a stifling economic impact beforehand due to the cost preparation and planning needed to plan and comply with the tax.… Continue readingRead More »