MEDIA ADVISORY | |||||||||
| June 10, 1997 | |||||||||
Kill The Estate Tax: NCPA Expert To TestifyThe transcript is available. |
WASHINGTON, D.C. - National Center for Policy Analysis (NCPA) tax expert Bruce Bartlett will testify before the Subcommittee on Tax, Finance and Exports of the House Committee on Small Business that the estate tax - the federal government's least significant source of revenue at just $17 billion - wastes resources, fails to redistribute wealth as originally intended and ultimately discourages work, saving and investment.
According to Bartlett, estate planning techniques enable the wealthy to avoid much of the tax. For those unable to take advantage of tax planning techniques, the estate tax can have devastating effects. Under current estate tax provisions, 41 percent of businesses would have to borrow against equity to pay the estate tax and 30 percent would have to sell all or part of the business. The death tax negatively impacts pension assets as well. For these reasons, according to Bartlett, the estate tax is a failure and should be abolished.
The National Center for Policy Analysis is a public policy research institute founded in 1983 and internationally known for its studies on public policy issues. The NCPA is headquartered in Dallas, Texas, with an office in Washington, D.C.
Joan Kirby, Washington, DC 202-220-3082 Internet: http://www.ncpa.org Home | Support Us | All Issues | Social Security Debate Central | Contact Us | ||||||||