An editorial in today's Wall Street Journal does a nice job detailing the ins-and-outs of the death tax and it's impact on the struggling middle-class businesses that Obama and the Democrats say they want to protect.
Democrats want to make the current death tax rate of 45% permanent, and while the Democrats like to portray the tax as targeted to those super-wealthy folks like Bill Gates and Warren Buffett, that is simply not the case. According the WSJ piece:
"The death tax strikes most heavily at small- and medium-sized family-owned businesses that generate the majority of new American jobs. So hitting these family businesses with a multimillion dollar tax bill when the owner dies won't help job creation."
I am an original cosponsor of H.R. 205, the Death Tax Repeal Act, just reintroduced in the House. Don't let the them fool you with their messaging -- this tax isn't about the wealthy. It impacts family farms and businesses -- the lifeline of Main Street that is vital to a healthy economy. With the economy in such a fragile state, renewing this tax will continue to hamper the economic prospects of our nation. Let's let the death tax die, once and for all.
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