Federal Estate Tax Should Be Abolished

Advertisement

Last week, the Senate sent President Clinton a bill which Sen. Jon Kyl, R-Ariz., says "Removes death as the trigger for any tax."

The Republican-sponsored bill would completely eliminate estate taxes over the next decade.

The President has threatened to veto this bill.

The loss in government revenue is estimated at $105 billion during the phaseout, and up to $750 billion after the full repeal, which would come in 2010.

But Republicans say the government's losses would be offset somewhat because the bill changes the way assets are valued. An heir would owe higher capital-gains taxes once he sells an inherited asset. Capital-gains tax rates, however, are much lower than estate tax rates.

We believe the estate tax is unfair and should be repealed. It forces millions of people to do costly and complicated estate planning. No family, farmer or small business owner should have to worry about paying an additional estate tax, especially in the shadow of a tragic loss.

This bill is a good step toward tax reform, but if Clinton follows through on his veto threat, it could end up on the long list of good ideas that were sunk by political cannonballs.

The concept of abolishing unfair taxes is not new, but it often takes a loud voice from the people to give these bills the push they need to survive.

Let your voice be heard send your "no-veto" vote to President Clinton by e-mail to president@whitehouse.gov. Or you can visit the White House Web site at whitehouse.gov and send your message via the link that says "contacting the White House."

And finally, if you want to send a traditional letter through the post office, be sure to mail letters in time to reach the White House by Tuesday, July 25, 2000. The address is: President Bill Clinton, The White House, 1600 Pennsylvania Avenue NW, Washington D.C. 20500.

Commenting has been disabled for this item.