Tuesday, January 15, 2008
Kenneth Stepp opposes the death tax.
Kenneth Stepp opposes the death tax and the estate tax.
The death tax (estate tax) unduly burdens American families by taxing assets that are handed down from generation to generation, like family farms or small family businesses. Many Kentucky families have stressed the need to repeal this unfair tax. It is the federal government's final insult to tax the transfer of your accumulated assets when you have already paid taxes on such assets throughout your life. This tax is wrong, and that is why I support legislation to eliminate it.
For years, I worked as a probate lawyer, and every probate estate I handled that had land, required paperwork filed with the court concerning the federal estate tax, and the state death tax required by the federal death tax. Each estate involving land, plus each estate of over $25,000 required about a half hour of the lawyer's time related to paperwork showing that the estate did not owe any taxes related to the federal estate tax (death tax). Enough is enough, high taxes penalize everybody, and the death tax has outlived its usefulness, and should die, itself.
The Beatles had a song about "The Taxman." They sang "He'll tax your shoes, and he'll tax your feet." Isn't it enough that the tax man taxes you all through your life? Death shouldn't be a "taxable transaction." The government should leave the widows and orphans alone, rather than trying to tax more money off them on the theory that the death of their husband and father is a "taxable transaction".
The Economic Growth and Tax Relief Reconciliation Act of 2001 phases in estate tax relief over 10 years and fully repeals the tax in 2010. However, this relief "sunsets" in 2010, which means that the estate tax (death tax) will be imposed again in 2011 unless Congress acts. The death tax (estate tax) should be phased out completely, immediately, and permanently. Taxes should be lowered. Recently lowered taxes should not be raised back again. The death tax should not be raised from its current level. The death tax should be phased out and die, itself.