WASHINGTON, D.C. – The 60 Plus Association is proud to share the newly released death tax study by the Joint Economic Committee. The report, “Cost and Consequences of the Federal Estate Tax”, released today provides critical facts about the death tax.
Jim Martin, Chairman of the 60 Plus Association said, “Today’s study proves the death tax is by far the worst of all taxes. Since its inception in 1916 the tax has only raised $1.2 trillion and removed from our economy $1.1 trillion. The pain and heartache this tax has caused to raise such a small amount should be reason enough to repeal this tax, but when you look at the loss to the economy this tax has caused, there should be no reason left to leave it in place.”
In addition to revealing the low revenue from the death tax, the report also concluded:
- The estate tax has never raised more than $37 billion in a single year.
- The estate tax does not decrease income mobility, as 70 percent of the 400 richest individuals are self-made.
- The estate tax creates a barrier to income and wealth mobility.
- In 2005 the estate and gift taxes cost over $150 million in compliance costs in addition to the cost of the tax.
Currently Rep. Kevin Brady has sponsored a bill to permanently repeal the estate tax, H.R. 1259, the Death Tax Repeal Permanency Act of 2011, has been cosponsored by the majority of the U.S. House of Representatives.
A recent study by Dr. Douglas Holtz-Eakin, the former director of the Congressional Budget Office, showed permanent repeal of the death tax could create over 1.5 million new jobs. In addition, a study by Dr. Steve Entin showed repealing the tax would protect 65,000 family businesses and would increase GDP by $119 billion.
The 60 Plus Association is a 20-year-old nonpartisan organization working for death tax repeal, saving Social Security and Medicare, affordable prescription drugs, lowering energy costs and other issues featuring a less government, less taxes approach as well as a strict adherence to the Constitution. 60 Plus calls on support from over 7.1 million activists. 60 Plus publishes a newsletter, SENIOR VOICE, and a Scorecard, bestowing awards on lawmakers of both parties who vote “pro-senior.” 60 Plus has been called, “an increasingly influential senior citizen’s group.”