Twenty-five years ago, a presidential commission spent a lot of time and money looking at reasons for population growth. The health of our country does not depend on it, nor does the vitality of business nor the welfare of the average person. Since that time, we have added 60 million new Americans, and California has doubled its population. These questions will not go away. With federal budget surpluses predicted through the next decade, Congress should provide taxpayer relief by passing HR 8.
Individuals pay their share of taxes on income throughout the course of their life.
Then when they try to pass on a nest egg to their children, these earnings are taxed a second time. The death tax raises little revenue. The estate tax is unfair to small businesses and farmers. The value of these enterprises is locked up in its equipment and property which are not as easily convertible to cash as corporate stocks are when the government demands its share of an estate. Preparing for the death tax drains resources and costs jobs.