Joel Hefley: “A recent study has shown that death tax repeal would not increase the deficit. A 1999 study showed that it decreased the…”

“A recent study has shown that death tax repeal would not increase the deficit. A 1999 study showed that it decreased the economic growth that would come from repeal of the death tax, and would lead to Federal revenue gains within 7 years of the death tax repeal. In the long run, the economic activity would increase the income, not decrease it. But the death tax affects real live hard-working people. I have some friends in Colorado Springs who started out 60 years ago or so with one little lumberyard. Over the years, three generations have built that one little lumberyard, started with nothing, built that one lumberyard into a multi-lumberyard system throughout southern Colorado. It was a home-grown business which was very successful. Recently, they sold it even though the children of the owners worked in the business and wanted to continue to work in the business, but they sold it because they could not afford the death tax that they would have to pay in the future. Colorado is a State mostly of small farms, ranches, and small businesses. The heirs should not have to sell the business of the farm in order to pay the tax. It is wrong to tax them again when they die, or to make them sellout in order to pay the taxes when the heirs inherit the money.”