Dying for a Tax Cut Wall Street Journal (04/16/02) Vol. 18, No. 1 p.A20; Johnston, Nicholas
The House of Representatives will vote this week on whether to make permanent last year's tax cuts, including the progressive drop in death-tax rates until the year 2010. Although the death-tax rate drop will provide a zero percent rate in the year 2010, the year 2011 will see the rate climb back up to 55 percent, one of the highest rates in the world. Many feel the death-tax should be completely eliminated because it is unfair to make families of the deceased pay a tax on income that has already been taxed, it penalizes those who save, and the 2 percent of total federal revenue the death-tax provides does not make up for how much the tax reduces the stock of capital in the economy, according to a Wall Street Journal commentary.