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Wednesday, September 5, 2012

Tax Foundation: The Estate Tax Is Even Worse Than Republicans Say

Tax Foundation logoTax Foundation, The Estate Tax: Even Worse Than Republicans Say:

A recent study issued by the Republican staff of Congress’ Joint Economic Committee detailed many of the failings of the estate tax, calling for either a significant reform or outright repeal of the estate tax. The report, which referenced four separate Tax Foundation studies and testimonies, reached similar conclusions to those which Tax Foundation analysts have reached with regard to the estate tax.

This new analysis, however, strengthens the case for repeal with additional evidence of the compliance burdens inherent to the estate tax. These costs are larger than is often understood, so much so that tax revenue is likely to actually increase upon repeal in the coming years.

Research has indicated that income and capital gains tax revenues will increase significantly if the estate tax is repealed even without an increase in economic growth. Several articles have found that repeal would be revenue neutral over all, or even revenue positive, over a 10 year period if both the tax changes and economic growth are considered together.

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