Wednesday, January 18, 2017

Editorial: Why the death tax needs to die

According to the old saying, only death and taxes are certain in life.
If Republicans have their way (hopefully), at least one of these certainties can be eliminated.
Since there is nothing that can be done about mortality, that leaves taxes - or more specifically the so-called “death tax.”
U.S. Rep. Mac Thornberry, R-Clarendon and chairman of the House Armed Services Committee, is once again helping lead the charge with legislation to repeal the federal inheritance tax, also known as the “death tax.”
Thornberry, who visited Tuesday with the Amarillo Globe-News editorial board, is optimistic that - finally - Congress can put the “death tax” out of taxpayer misery.
“We passed a similar bill in the last Congress in the House. It was the first time it had been voted on straight-up in quite awhile,” Thornberry said. “Tax reform will be a major focus for later this year. One of the proposals is to do away with the death tax, and to streamline and simplify the tax code.
“One element of that will, could (and) should be to get rid of the death tax completely forever.”
...When it comes to the federal government and taxpayer money, anyone want to bet against Uncle Sam “adjusting” the death tax threshold to fatten his wallet? And then there are the 18 states, along with Washington, D.C., that have their own versions of a death tax.
The bottom line is it is just not fair for the federal government to impose taxes throughout a taxpayer’s lifetime, and then also slap even more taxes on this same individual’s family upon his or her death.
It is time for the “death tax” to meet its demise.

No comments: