By Cong. Roger Williams
Texas Insider Report: WASHINGTON DC Last week the U.S. House of Representatives voted to repeal the estate tax
otherwise known as the death tax. With this vote the House did its part to abolish the governments unfair practice of double taxation.
President Obama says he will veto this measure if it arrives at his desk.
Although the president claims this tax affects only the super rich it is actually the wealthy who have the means to hire accountants and lawyers to find loopholes to avoid paying this tax.
Many second generation business owners and farmers struggle to hold on to the businesses that have been passed down to them by their parents and grandparents. The tax causes much harm for little gain. The death tax contributes less than one percent to federal revenue its simply insignificant in the big picture.
The death tax is just another example of how out of touch the Obama Administration really is.
Here is my story: (Click
here to watch me discuss the House vote to repeal the death tax with Stuart Varney on Fox Business Network.)
In 1939 a man started a car dealership to realize the American dream. When he died the ownership of the business was passed along to his son and so was a death tax liability equal to a significant value of the business worth.
The son nearly declared bankruptcy.
Fortunately he was able to pull the resources together to keep his fathers dealership afloat. He still runs the dealership to this day and has more than 100 employees.
That son is me.
When I hear people like Jason Furman the Chairman of President Obamas Council of Economic Advisers tell reporters that a repeal of the estate tax is not even a tax cut for employers" it irritates me beyond belief.
It is worrisome that the president relies on advisers like Furman who have little to no business experience to guide him on economic decisions that impact the nation.
To me it appears the presidents staff of government bureaucrats and academics view their policies through the isolated lens of Northeast ivory towers rather than through the shop windows of family businesses on Main Street.
President Obama would have you believe the death tax is justified because the rich should pay their fair share of taxes.
What he wont tell you is that many second generation business owners do not have the means to hire teams of accountants and lawyers to navigate the costly and burdensome obstacles to save the family farm.
Just because I was able to free myself from the stranglehold of the federal government does not mean others have shared similar stories of success.
As a business owner of many years I have seen friends and colleagues lose gains made from a lifetime of hard-work because of Washingtons failed policies like the death tax.
I spent two decades cutting checks to the federal government so I and my business could be in good legal standing. I have paid Uncle Sam money that could have gone to hiring more workers money that could have gone to charitable causes.
Instead my money was transferred from my business to a bloated government that is 18 trillion dollars in debt.
The death tax has traded job creation for bigger less responsible government.
Lets look at the facts.
The death tax is a tax on savings that have already been taxed before but the tax provides less than one percent of federal revenue.
According to the Tax Foundation a repeal of the death tax would boost GDP create 139000 jobs and eventually increase federal revenue."
Thats right ironically by killing the death tax the U.S. government would profit more.
We must put an end to the unfair policy of double taxation on job creators.
As they say there is nothing certain in life but death and taxes. Lets make sure the latter doesnt happen twice.
Sincerely
Roger Williams
