Andy Harris: “I rise in support of H.R. 8, which will finally free America's hardworking farmers, small business owners and their…”

“I rise in support of H.R. 8, which will finally free America's hardworking farmers, small business owners and their families from the specter of the death tax. Benjamin Franklin said, ``In this world nothing is certain but death and taxes.'' This observation notwithstanding, I doubt that even the imaginative Mr. Franklin foresaw the taxation of death itself. Americans are taxed when they earn money. They are taxed once again when they spend what is left. And at last, not even the cold head of death can stay the grasping hands of the tax collector. By pursuing taxpayers beyond the grave, government visits devastating consequences upon their grieving relatives, forcing some to sell the family business or the family farm just to pay the taxes. The National Federation of Independent Businesses has estimated that the death tax will compel one-third of small business owners today to sell some or all of their business. Moreover, according to the Family Business Estate Tax Coalition, simply planning for the death tax costs small businesses an average of $125,000 over 5 years. Worse yet, mainstream economists of all political stripes have concluded that the death tax stifles the creation of jobs and opportunity. Economist Allen Sinai, a consultant for presidential administrations of both parties, has concluded that the permanent repeal of the death tax could create 160,000 new jobs and an increase in GDP of over $10 billion.”