Taxes: Republican leaders have been scolded for not doing more in their first 100 days in charge of Congress, but one victory deserves applause: the House's 240-179 vote Thursday to kill the hated and unfair death tax.
We'll see if economic common sense prevails in the Senate to get the required 60 votes or if the redistributionists who run the Democratic Party in Washington derail this tax reform.
President Obama, class warrior in chief, has already vowed to veto any repeal of the estate tax. That's a shame, but it's still worth it to send a repeal bill to his desk. Let him kill it and then campaign on it in 2016.
The White House says it would rather invest in jobs, but as Dick Patten of the American Busines Defense Council puts it: "Someone has to alert this administration that most jobs come from small- and medium-sized, family-owned businesses, and if you tax away their profits, the number of jobs goes down, not up."
Democrats and liberal interest groups are enraged over the House vote, and they are screaming, "Tax cuts for billionaires!"
The public doesn't agree with them. Polls consistently show that 60% to 70% of voters hate this tax. The vast majority will never pay it, but it's in Americans' DNA to aspire someday to be rich, and we don't want government taking up to half our fortunes if that ship sails in.
Americans seem to get it that people pay taxes their whole life on their income, so why should they pay it again when they are laid to rest? This contradicts Americans' basic sense of fairness - as well it should.
http://news.investors.com/ibd-editorials/041715-748531-estate-tax-repeal-advances-but-needs-democrat-votes-in-the-senate.htm
We'll see if economic common sense prevails in the Senate to get the required 60 votes or if the redistributionists who run the Democratic Party in Washington derail this tax reform.
President Obama, class warrior in chief, has already vowed to veto any repeal of the estate tax. That's a shame, but it's still worth it to send a repeal bill to his desk. Let him kill it and then campaign on it in 2016.
The White House says it would rather invest in jobs, but as Dick Patten of the American Busines Defense Council puts it: "Someone has to alert this administration that most jobs come from small- and medium-sized, family-owned businesses, and if you tax away their profits, the number of jobs goes down, not up."
Democrats and liberal interest groups are enraged over the House vote, and they are screaming, "Tax cuts for billionaires!"
The public doesn't agree with them. Polls consistently show that 60% to 70% of voters hate this tax. The vast majority will never pay it, but it's in Americans' DNA to aspire someday to be rich, and we don't want government taking up to half our fortunes if that ship sails in.
Americans seem to get it that people pay taxes their whole life on their income, so why should they pay it again when they are laid to rest? This contradicts Americans' basic sense of fairness - as well it should.
http://news.investors.com/ibd-editorials/041715-748531-estate-tax-repeal-advances-but-needs-democrat-votes-in-the-senate.htm
