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Heritage Foundation on Tax Reform

 

 


Death Tax is a pernicious double tax

HR1105 would repeal the estate and generation-skipping transfer taxes, as well as cut the top gift tax rate. Collectively, these measures repeal the pernicious double tax known as the "death tax," and result in a tax cut of $269 billion over 10 years.

The death tax hurts economic growth and therefore limits the ability of Americans to prosper. According to conservative estimates by The Heritage Foundation, repealing the death tax would generate an average of 18,000 jobs annually and increase the overall net worth of American households by $300 billion a year. The federal government should encourage, not punish, Americans who work and pay taxes their whole lives, save enough to support themselves through retirement, and retain the ability to fulfill the American Dream by passing along a better life to their children. The death tax discourages the entrepreneurial spirit by burdening family businesses with untenable choices as they pass from one generation to the next.

Source: Heritage Action 2015-16 voting recommendation on HR1105 , Apr 16, 2015

True tax reform is revenue-neutral by lowering rates

If we are to have any hope of reclaiming economic growth and digging out of the hole we're in, the budget should:
  1. Balance. Achieve balance within 10 years, and stay in balance. Why? Put simply, we can't keep spending more money than we take in.
  2. Reform Taxes. Adopt growth-oriented tax reform capped at the historical level of taxation. Why? Economic growth is the goal. A better economy means people are employed, they are advancing, and they are making more money. That's why the government actually takes in more in taxes when times are good--people make more money and pay more taxes. Tax reform does not mean closing tax preferences ("loopholes") to raise revenue. True tax reform is revenue neutral. Any revenue raised by eliminating tax preferences should be offset by lowering tax rates.
    Source: 2013 campaign website blog.heritage.org, "Morning Bell" , Mar 11, 2013

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    Page last updated: Jan 09, 2017