Eliminating the Death Tax Would Grow The Economy

Oct 14, 2017

Getting rid of the death tax could create nearly 160,000 jobs according to Grover Norquist of Americans for Tax Reform. The estate tax is a tax on everything that a person owns at the time of his death. It kicks in when the estate is valued at $5.45 million and above. Norquist went on to say that the economy would increase by nearly one percent. “The death tax is a tax on life savings . . . We know that has a history of slowing and damaging economic growth.” Norquist pointed out that America has the fourth highest death tax. “The average in Europe at least on the death tax is 15 percent and [the U.S is] at 40 [percent]. According the the Small Business and Entrepreneurship Council, the death tax “destroys family-owned businesses, it sucks a vast amount of resources that could be put into productive investment, wealth creation, quality job creation as well.” According to the Council, more businesses are closing down than are starting. The Council estimates 3.4 million businesses are missing in the economy.