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Conservatively Speaking

State Senator Mary Lazich (R-New Berlin) represents parts of four counties: Milwaukee, Waukesha, Racine, and Walworth. Her Senate District 28 includes New Berlin, Franklin, Greendale, Hales Corners, Muskego, Waterford, Big Bend, the town of Vernon and parts of Greenfield, East Troy, and Mukwonago. Senator Lazich has been in the Legislature for more than a decade. She considers herself a tireless crusader for lower taxes, reduced spending and smaller government.

It’s time to repeal the death tax

Taxes


The Wisconsin Family Council has released a study demonstrating that Congress has the power and ability to raise revenue, increase employment, and stimulate the economy if it moves to repeal the estate or “death” tax. The death tax is a tax on the total worth of an estate and especially hurts small businesses when owners die.

Getting rid of the death tax costs taxpayers nothing. The study incorporates findings from Douglas Holtz-Eakin’s new study, Changing Views of the Estate Tax: Implications for Legislative Options that shows repealing the death tax would create 1.5 million jobs and reduce the unemployment rate by nearly a full percentage point over the next two years. The administration wants to create 3.5 million jobs during that time period. The death tax repeal would get the president about halfway to his goal.

The study says ending the death tax would increase workers’ income by $79 billion.


Holtz-Eakin estimates that Wisconsin would lose 10,996 jobs if Congress does not eliminate the death tax during 2010. Julaine Appling, the CEO of Wisconsin Family Council that also worked on the study compares that to losing General Motors in Janesville three times over.

If Congress repeals the death tax, Holtz-Eakin says Wisconsin would gain over 32,000 jobs. Holtz-Eakin is a former Congressional Budget Office director.

According to the study, the United States death tax rate is one of the highest in the world. The Tax Foundation’s latest study found that nearly two thirds of Americans support a permanent repeal of the death tax. Those surveyed also considered the death tax as the least fair and least popular tax. 


I concur with the study conclusion, “It is clear that all groups, and especially those most productive, would benefit from the permanent repeal of the death tax.  Eliminating the estate tax would increase business capital, jobs for workers, and government revenue. A full repeal increases jobs and expands the economy. It also increases government revenue most. It is rare that such a win-win scenario on taxes and the economy presents itself so clearly to Congress. This scenario is made even more compelling by the present macroeconomic situation, one in which government is looking for many ways to improve the economy and is also seeking more sources of revenue. Eliminating the death tax does both. No other stimulus package can deliver so many patently clear benefits as simply ending the federal estate tax permanently.”

You can read the full study, “Repealing Death Tax Will Create Jobs and Boost Economy,”
here.

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