William F. Smith: “the death tax really amounts to a double or triple tax. People have already paid a tax on the income they have earned…”

“the death tax really amounts to a double or triple tax. People have already paid a tax on the income they have earned and then they have paid a tax on any gains they have made from investments or interest they have earned from savings and then the death tax hits them again. It's the wrong tax at the wrong time on the wrong people. Opponents say repeal of the death tax is not necessary because it affects relatively few estates and there is an exemption for the first $675,000 of an estate. What they will not tell you is that any business with five or ten employees is usually worth more than that amount. And any farm or ranch that is relied upon by an individual as their sole source of income is going to be worth more than that amount, too. Hard working Americans deserve to be able to leave on the results of their lifetime labor to their children or others. Small businesses and farms and ranches should not have to be sold simply because the owner passes away.”