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Happy Cost of Government Day
by Shawn Arnold - No CommentsPosted on August 19th, 2010 1:54 pm
Today is Cost of Government Day, the day Americans have finally earned enough income to pay off government spending for the year.
That’s a full month longer than just two years ago – but not surprising given the stimulus and other large government spending measures.
What’s unfortunate is that a lot of that spending was justified as a way to create and save jobs. If Congress really wants to boost employment, what they ought to do is permanently repeal the estate tax. Doing so would create 1.5 million jobs and increase federal revenues by over $23 billion.
Yes, we said increase.
Our opponents would tell you that repealing the estate tax would run up the deficit. They’re wrong. Even Clinton Economic Advisor Alicia Munnell and Henry Aaron have said the tax “raise[s] little revenue…impose[s] large excess burdens.”
In fact, the tax costs Americans $26 billion in compliance costs every year which exceeds the net revenue yield.
Everyone supports putting America back to work in as cost-effective a manner as possible. Repealing the estate tax is therefore a win-win situation -- for everyone.
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Contact Congress
Have you told the 112th Congress to Repeal the Death Tax?
- ATR & AFBI: End Punitive Tax on Hardworking Hoosiers
Fri, Dec 14, 2012 - Tax Coalition Calls on Tennessee Governor Bill Haslam to Quickly Repeal Inheritance Tax
Fri, Dec 14, 2012 - AFBI: This Bill is a Matter of Survival
Thu, Dec 13, 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.