We already pay income tax when we earn the money, sales tax when we spend the money, and capital gains tax when we invest the money, but Clinton thinks government should get another cut when we die, Istook said.
Many family businesses have to fold because of the tax burden.
I've seen too many cases where Uncle Sam gets a bigger inheritance than any member of the family. Congress passed the Death Tax Elimination Act of 2000 in June of this year with bipartisan support. Clinton vetoed the bill in August. The bill would have repealed the estate, gift and generation skipping transfer tax within 10 years. Sixty percent of small-business owners report that they would create new jobs over the coming year if estate taxes were eliminated.