The estate tax brings in very little revenue for the federal government. What it does do is destroy family businesses and stifle our economy. The estate tax is a burden that affects . . . And, while our family mourns, the IRS will pay an unwelcome visit and take away as much as 55 percent of our family assets.
Inheritors are thus hard pressed to come up with the money to pay the estate tax.
All too often, however, the estate tax forces them to close or sell the business. The community loses an institution that may have supported the local economy for years. Like Hammonds, Kleckner calls for the elimination of the estate tax. He also calls for an end to capital gains taxes, too. This discourages farmers and ranchers from selling their assets even when it makes good economic sense for them to do so.