I want the federal government out of this crippling and repulsive business of forcing families to sell or turn over more than half of their inheritance to pay taxes. As you well know, hardworking American men and women spend a lifetime providing for their children and grandchildren, paying taxes all the while. Throughout their lives, they struggle to save against the burdens of income taxes, property taxes, capital gains taxes, and other levies. Worst of all, once they overcome these obstacles and achieve a savings for their families, they discover that between 37 percent and 55 percent of their after-tax wealth will be confiscated by federal estate taxes. This double taxation is unfair and discourages entrepreneurs, penalizes families and encourages reckless spending.
Estate taxes are particularly devastating to family farms and small businesses.
The family heirs usually find they have to sell off significant portions of the property to satisfy estate taxes, endangering the profitability and long-term health of the business. Too often, the family farm, ranch, or business simply cannot continue because of the crippling effect of federal estate taxes. When small farms and businesses close their doors, loyal employees lose their jobs. I believe we should repeal the death tax to ensure economic fairness for American families and businesses, as well as foster economic growth and stability. This bill is a positive step in the right direction by phasing out estate and gift taxes over a 10 year period.