Canceling the Death Tax Jubilee

By January 13, 2009Economy, Taxation

From the Wall Street Journal, “Estates of Pain,” with the subhed, “The first tax increase of the Obama era.”

Mark it down as the first tax increase of the new Democratic era. The Journal reported yesterday that President-elect Obama and Congressional leaders intend to maintain the estate tax rather than let it expire on schedule in 2010.

They will do so even though their economic stimulus plan is supposed to be about creating millions of new jobs in a hurry. The death tax strikes most heavily at small- and medium-sized family-owned businesses that generate the majority of new American jobs. So hitting these family businesses with a multimillion dollar tax bill when the owner dies won’t help job creation.

Yesterday’s Page 1 story in the Journal was, “Obama Plans to Keep Estate Tax.” And from the WSJ’s Independent Street blog, “Entrepreneurs Fight Death Tax’s Resurrection.”

The NAM’s resources on the death tax and hostility toward investment and economic growth is located here.

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