There are four simple truths why we should permanently repeal the death tax:
1. The Death Tax discourages savings and investment. It sends a wrong message that it is better to consume today than to invest and make more money in the future.
2. The Death Tax undermines job creation. Because it is a tax on capital, the death tax destroys as many as 1.5 million jobs that our economy needs as it struggles to recover.
3. The Death Tax suppresses productivity and wage growth. It discourages business investment, which holds down wage growth.
4. The Death Tax contradicts the central promise of the American Dream. The promise of the American Dream is that if you work hard and save, you will be able to enjoy what you have worked for and pass on those assets to your children. The death tax robs Americans of that central promise.
It is for these reasons that I have cosponsored H.R. 177, the Death Tax Repeal Act, which would permanently eliminate the recently restored death tax. The Death Tax is a double tax, and it is wrong. American citizens pay taxes on their savings and income while they are alive, and there is simply no justification for an additional tax at death.