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 PostÃ‚Â has the full story. This is a retreat from the fullÃ‚Â 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,Ã‚Â and collects little revenue.Ã‚Â In addition, it is simply unfair to tax property andÃ‚Â earnings that have already been taxed before.Ã‚Â In the future, Congress must seriously consider repealing the tax outright.Ã‚Â