House Introduces Bill to Reduce Estate Tax

House Ways and Means Committee Chairman Bill Thomas introduced compromise legislation on the death tax Monday. This comes after Sen. Bill Frist’s attempt to remove the tax altogether was shot down earlier this month. The Washington Post has the full story. This is a retreat from the full repeal the House has repeatedly passed and the Senate has failed to pick up.

The death tax is a disincentive to save and invest, hurts small businesses, and collects little revenue. In addition, it is simply unfair to tax property and earnings that have already been taxed before. In the future, Congress must seriously consider repealing the tax outright.