Senator Thune is continuing his fight to end the death tax.
As tax day approaches, I am reminded of a quote by Benjamin Franklin: ?In this world nothing can be said to be certain, except death and taxes.?
At a time when our current president has chosen to talk about redistribution of wealth, raising taxes and introducing outrageous levels of federal spending Senator Thune’s proposal is a very intelligent move. And Thune is right when he states: “The federal government has no place forcing grieving families to pay a tax on their loved one?s life savings or estate that have been built from income already taxed when it was initially earned. The death tax is an unnecessary, burdensome, and sometimes devastating double tax.”
HEAR, HEAR! Removing the death tax provides a great opportunity for small business owners and their families to protect the assets they built over their lifetime. This makes it possible for their children to continue creating jobs and increasing business productivity.
Former Congressional Budget Office director Douglas Holtz-Eakin backs up Senator Thune’s proposal.
repealing the federal estate tax would create more than 1.5 million small-business jobs, reducing unemployment by approximately 1 percent.
?Consider that 1.5 million jobs are nearly half of the total jobs that the Obama administration hopes to ?save or create? under its recently announced budget plan,? Holtz-Eakin wrote. ?This study suggests that simply killing the estate tax could bring them nearly half way to that goal.?
In an election year, it would be a good idea for the president to listen to Senator Thune. But we would have to assume that President Obama’s goal as president is really to create jobs for the American people rather than create a liberal entitlement culture built on class warfare and envy.
This election is going to come down to voters choosing a hand-up or a hand-out. Ending the death tax is one giant step in the right direction.