Estate Tax Repeal? Unseemly?
September 15, 2005
Today’s Des Moines Register reports that some leaders in the United States Senate think action to repeal the federal estate tax is now inappropriate.
Washington, D.C. — It would appear “unseemly” for Congress to push through a repeal of the estate tax while also coping with the hurricane disaster in the Gulf, Senate Finance Committee Chairman Charles Grassley of Iowa said Wednesday. Until recently, the Senate had been on track to consider a permanent repeal of the estate tax. The tax gradually is being phased out, under tax-cut packages approved by Congress, and would be gone by 2010. But that would last just a year, and the tax would be fully reinstated in 2011. [Full story]
The fact that “sunset” provisions are set to revive the death tax, only adds instability to these uncertain economic times. In the wake of Hurricane Katrina, at the very least, it is important to provide Americans with confidence that the estate tax and other destructive tax policies will be permanently ended.
You can read excellent Tax Foundation research on the estate tax here.