Tax group: Eliminating Death Tax could create 100,000+ jobs
A recent study released by the Tax Foundation reveals that the Estate Tax or “Death Tax” as it is referred to by some is an ineffective way of raising tax revenue.
The Estate Tax, which has been back on the books since 2011, taxes the private savings of some Americans after they die.
The Tax Foundation’s Study found that the tax only raises about $18 billion a year in revenues for the federal government. Additionally, the study which used the Tax Foundation’s Taxes and Growth Model, found that eliminating the tax all together would lead to a small increase in wages, GDP growth, federal revenues and jobs.
This includes an estimated 100,000 new American jobs that do not exist due to this money being extracted from the marketplace.
“Accumulated wealth is what makes America – in the aggregate – richer,” reads the Tax Foundations post revealing the results of the study.
“While the direct benefits of estate tax elimination would accrue to wealthy individuals, the indirect benefits of the higher capital stock accrue to everyone. Workers in rich countries have high wages precisely because they have a lot of capital to work with and a lot of education and skill in the use of that capital. A tax on that capital hurts those workers.”
Despite this evidence, it’s important to remember that often, with liberals, the primary function of a tax is not to increase revenue, but to make sure that wealthy Americans are paying their “Fair Share.” Even if the tax in question has a long term negative impact on the economy.
So don’t expect supporters of the “death tax to let this new evidence change their minds, anytime soon.
Attribution:
Tax Group: Eliminating Death Tax Could Create 100,000+ Jobs
Dan Joseph
September 15, 2014
CNSNews.com
http://cnsnews.com/mrctv-blog/dan-joseph/tax-group-eliminating-death-tax-could-create-100000-jobs
The Estate Tax, which has been back on the books since 2011, taxes the private savings of some Americans after they die.
The Tax Foundation’s Study found that the tax only raises about $18 billion a year in revenues for the federal government. Additionally, the study which used the Tax Foundation’s Taxes and Growth Model, found that eliminating the tax all together would lead to a small increase in wages, GDP growth, federal revenues and jobs.
This includes an estimated 100,000 new American jobs that do not exist due to this money being extracted from the marketplace.
“Accumulated wealth is what makes America – in the aggregate – richer,” reads the Tax Foundations post revealing the results of the study.
“While the direct benefits of estate tax elimination would accrue to wealthy individuals, the indirect benefits of the higher capital stock accrue to everyone. Workers in rich countries have high wages precisely because they have a lot of capital to work with and a lot of education and skill in the use of that capital. A tax on that capital hurts those workers.”
Despite this evidence, it’s important to remember that often, with liberals, the primary function of a tax is not to increase revenue, but to make sure that wealthy Americans are paying their “Fair Share.” Even if the tax in question has a long term negative impact on the economy.
So don’t expect supporters of the “death tax to let this new evidence change their minds, anytime soon.
Attribution:
Tax Group: Eliminating Death Tax Could Create 100,000+ Jobs
Dan Joseph
September 15, 2014
CNSNews.com
http://cnsnews.com/mrctv-blog/dan-joseph/tax-group-eliminating-death-tax-could-create-100000-jobs
No comments:
Post a Comment
Thank you for commenting.
Your comment will be held for approval by the blog owner.