Death Tax Repeal in President's Tax Proposal!

Posted on September, 28 2017, 07:39


We topped another hurdle! 
 
The President announced yesterday that full repeal of the hated Death Tax would be part of the tax framework he released to, increased prosperity, individual freedom, and greater fairness
 
Reuter's news service reported a few days ago that some officials in Congress were speculating that the White House would withdraw full support for Death Tax repeal.  They did not.  Our colleague Palmer Schoening, Chairman of the Family Business Coalition engineered a letter from 150+ organizations endorsing repeal, and we know that top White House officials had copies of that letter prior to the tax announcement Wednesday.
 
American Business Defense League Vice President Howard Segermark served on Capitol Hill for almost two decades.  He said that the Reuter's report of Congressional aides reporting that the White House was getting squishy on the Death Tax might have been nothing more than an example of "fake news".  For example, he said, a reporter could call one or two of his anonymous sources on the Hill and ask, "Off the record, Charlie, don't you think it possible that there are those in the White House who don't want the President to endorse repeal of the estate tax?"  Charlie knows what answer the reporter wants, and says, "I'm sure of it."  Thus, the so-called story.
 
Now the intensive work begins with making sure that the House and Senate tax writers know that repeal of the death tax is a net revenue raiser (according to the Tax Foundation) over the ten year budget window.  It helps create jobs, enterprise and generates added business, personal and other tax revenues.
 
And we have to watch for the insidious efforts of the life insurance industry that wants to preserve the estate tax to make sure that its cash-cow, "second-to-die" life insurance market is preserved.  This $20 billion-plus market would go away with repeal and they want their clients to continue to pay. 
 
I must point out that the money for insurance premiums would then be put to productive use in the economy by some of America's most productive and creative people.
 
Finally, we can report that the President has established a special Task Force in the White House to develop and promote policies to insure that the economy will grow at at least 3.5% per year.  We are in contact with those working with or on the Task Force to point out the pro-growth effects of Death Tax repeal.  We know we have allies on this effort.
 
As ever, your communications to Congress would be helpful and while you're writing, send a message to the President thanking him for backing Death Tax repeal.  Finally, your financial support is so needed and so very deeply appreciated.