Jeremiah Smith: “the estate tax better known as the ``death tax'' is an onerous tax that should be eliminated. A recent poll revealed…”

“the estate tax better known as the ``death tax'' is an onerous tax that should be eliminated. A recent poll revealed that 77 percent of the voters believe that the tax is unfair. This tax is slowly destroying family businesses by slowing growth. And it's unfair that families who have worked their entire lives to build a successful family farm or business should be penalized. Individuals who look forward to leaving something behind for their children should not be punished by confiscatory, anti-family taxes. In fact, after years or even generations, children are often forced to sell the family farm or business just to pay the tax. This is both unfair and unconscionable. However, not only is it the children who must suffer the loss of the family business, but the workers and their children who suffer when they lose their job because the business they've been working at is liquidated to pay the death tax. But it doesn't stop there. The local community, particularly small towns suffers as well because their customers can no longer afford to buy their products after having lost their job. The estate tax is outdated, it raises little money, and it imposes a large cost on the economy. In 1999 the estate tax generated about $24 billion. However, it is estimated that administrative costs to enforce the tax are over $36 billion. A recent analysis by the Heritage Foundation, found that the U.S. economy would average nearly $11 billion per year in additional output.”