Estate Taxes: An Historical Perspective

Once the headache of the wealthy, the estate tax (also known as thedeath tax) now reaches well into middle-class America. The taxreduces incentives to save and invest and, therefore, hampersgrowth. It also unfairly hits owners of small businesses, familyfarms, and savers who amass wealth through hard work and thrift.The Economic Growth And Tax Relief Reconciliation Act of 2001 wasthe first step toward eliminating the death tax. Unfortunately, itsprovisions sunset in 2011. Congress should make estate tax repealpermanent.

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