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AFBF Releases Letter Signed by Hundreds of Prominent Economists Across Nation Supporting Repeal
by Dick Patten - No CommentsPosted on October 18th, 2011 3:09 pm
Hundreds of prominent economists weighed in on the estate tax debate today with a joint statement supporting estate-tax repeal. The statement commemorates the 10th Anniversary of an open letter written by the late economist and Nobel Laureate Milton Friedman in support of repeal.
The original letter had been signed by Friedman and 277 of his colleagues in the field of economics. AFBF re-released the letter today with 259 new signatories, for a total of 537 unique supporters.
AFBF’s re-release of the open letter (originally circulated in 2001) revealed the enormous support estate-tax repeal enjoys among mainstream academic and professional economists. Friedman’s letter explained that the estate tax ties up capital, punishes saving and investing, fails to raise substantial revenue, and increases economic inequality.
The new signatories come from 44 states and the District of Columbia, and include another Nobel Laureate; several former Federal Reserve Bank Presidents; and Chairs and Members of the Council of Economic Advisers under Presidents Kennedy, Ford, Reagan, and George W. Bush.
Signers also include former chief and senior economists from a number of federal government agencies, international organizations and financial firms, including – among others – the Congressional Budget Office, Department of Labor, Department of the Treasury, Dunn & Bradstreet, Federal Trade Commission, Joint Economic Committee, International Monetary Fund, Office of Management and Budget, Securities and Exchange Commission, and World Bank.
This list of economists includes individuals who have served as officers of nearly every major economics association, including the American Economic Association and American Finance Association, and have served as editors of most top economic journals, including the American Economic Review, the Journal of Economic and Business Statistics and the International Economic Review.
Tags: afbf, afbi, estate tax, milton friedman
Milton Friedman Video: 100% Inheritance Tax "Would Destroy a Society"
Estate Tax Undermines Motivation to Work Hard, According to Chicago Economistby Adam Nicholson - No Comments
Posted on June 27th, 2011 4:41 pm
AFBI recently responded on this blog to Megan McArdle's proposal for a 100% estate tax, on how the facts run counter to Ms. McArdle's claims.
Today, we found this short video of the late, great Milton Friedman, explaining why a 100% inheritance tax (or estate tax) is inherently flawed.
Friedman notes that America is more of a "family-oriented" rather than an "individual" oriented society. One of the primary motivating factors for the American worker is the opportunity to leave something to the next generation. An inheritance tax at any level, much less 100%, reduces this motivation to work and save for the next generation.
Discussion of the estate tax starts around 2:13 and lasts for two minutes.
Tags: death tax, economics, estate tax, inheritance tax, milton friedman
Contact Congress
Have you told the 112th Congress to Repeal the Death Tax?
- AFBI Highlights the Introduction of Senator Thune's Death Tax Repeal Bill
Thu, Mar 29, 2012 - AFBI Announces 2012 Recipients of the 1st Annual Champion of American Family Businesses Awards
Tue, Mar 27, 2012 - 7 Illinois Candidates for the U.S. House of Representatives Sign AFBI's Death Tax Repeal Pledge
Mon, Mar 19, 2012
- A Score of the Death Tax Repeal Permanency Actby Stephen J. Entin, April 2011
- The Cost of Compromise: Impact of the 2011-2012 Estate Tax by Anthony Davies, December 2010
- Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying by Tim Carney & Dick Patten, November 30, 2010
- Growth Consequences of Estate Tax Reform, by Dr. Douglas Holtz-Eakin and Cameron Smith, American Family Business Foundation, September, 2010
The Death Tax fight will soon be decided in the halls of Congress by your representatives. AFBI is leading the fight for repeal in Washington, but we cannot do it alone.