A Quote by Ric Keller
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
Related Quotes
The death tax destroys family businesses and stifles investment that leads to increases in jobs and personal income. As a result, 70 percent of family-owned businesses are not passed on to the next generation and 87 percent do not make it to the third generation.
My constituents in Kansas know the death tax is a duplicative tax on small businesses and family farms that, in many cases, families have spent generations building.
And what's interesting, and I don't think a lot of Americans understand this fact, is that, one, most new jobs are created by small businesses; two, most small businesses pay tax at the individual income tax, or many small businesses pay tax there.
The estate tax punishes years of hard work and robs families of part of their heritage by imposing a huge penalty on inheritance after death - a tax on money that has already been taxed.
The death tax is one of the leading causes of the dissolution of small businesses.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
Additionally, this tax forces family businesses to invest in Uncle Sam rather than the economy. When families are forced to repurchase businesses because of the death tax, that means less money is being invested in new jobs and capital expansion.
In addition to billions in new 'stimulus' spending that our country can't afford, the Geithner plan also contains billions in tax increases on small and family-owned businesses while protecting the tax preferences of wealthy, multinational corporations.
It is simply unfair for the Internal Revenue Service to lay claim to the bulk of a small business or farm when a death occurs. Federal tax policy should instead be geared toward helping the next generation keep these family-owned operations alive.
I had nothing to do with death panels. I thought it was a horrible phrase about end of life. I didn't think it was accurate, and I was - I've always been opposed to it. The reason why I stood behind that phrase "death tax" for so many years is because the only time that you could pay that tax, the only time, is on the death of a relative. And that's what makes it a death tax. You have to be accurate.
The death tax robs parents of the opportunity to pass something along to their children, and it is responsible for destroying a lot of family-owned businesses.
The Death Tax destroys American jobs and cripples small businesses and family farms.
Most of them benefit businesses, things like research and development tax credits. But people will also benefit, too, from things like - the earned income tax credit and the child tax credit have been made permanent. They predominantly help lower-income families.
We must end the iniquitous multi-taxing of the same money. It is not right to tax people's incomes, then their savings on that income, to tax the movement of assets through capital gains tax, stamp duty and tax them again through inheritance tax if they have the audacity to die.
It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
It used to be that we taxed property - zapped farmers basically. And there were very rich people who didn't pay that much tax. So in 1913, they put in the income tax. It was incredibly popular. The tax we love to hate today.
Related Authors
Alexander Hamilton Quotes
American
Politician
Benjamin Franklin Quotes
American
Politician
Bernie Sanders Quotes
American
Politician
David Brooks Quotes
American
Politician
Hillary Clinton Quotes
American
Politician
Jill Stein Quotes
American
Politician
John F. Kerry Quotes
American
Politician
John McCain Quotes
American
Politician
Marco Rubio Quotes
American
Politician
Mitt Romney Quotes
American
Politician
Narendra Modi Quotes
Indian
Politician
Newt Gingrich Quotes
American
Politician
Paul Ryan Quotes
American
Politician
Rand Paul Quotes
American
Politician
Ron Paul Quotes
American
Politician
Ted Cruz Quotes
American
Politician