Capitol Hill Watch Alert
Death Tax Elimination Act of 2001 (H.R. 8)
The Death Tax
Elimination Act of 2001 (H.R. 8) (To view the bill, visit http://thomas.loc.gov/cgi-bin/bdquery/z?d107:h.r.00008:)
is scheduled to reach the entire House of Representatives the first
week of April after the measure passed through the House Ways and
Means Committee on March 29 (To view the action by the Ways and Means
Committee, visit http://waysandmeans.house.gov/fullcomm/107cong/fc-sact.htm).
This bill would erase the estate tax by 2011 with a savings to Americans
of almost $193 billion.
The estate tax,
first enacted in 1797, was never intended to be a permanent tax burden
upon the American people. Until the 20th century, the estate tax was
enacted during times of national crisis (Civil War, Spanish-American
War, etc.) and then repealed once its purpose was fulfilled. However,
in 1916, when the estate tax was again recreated, it became a permanent
part of our national government.
estate tax laws, the Internal Revenue Service can take up to 60 percent
of a taxpayer's possessions and investments after he dies. This has
proven to be a tremendous loss to families of individuals who had
spent a lifetime working and investing to provide a good economic
foundation for their offspring.
estate tax is no great gain for the government. "Death taxes" are
costly for the government to collect, especially when considering
that the estate tax revenue yield is negligible. In fact, the only
purpose for the estate tax is to redistribute income. Most often,
the death tax burdens the very people it is intended to help such
as women and minorities, farmers, small businessmen, and low-income
According to National
Bureau of Economic Research economists Steven Venti and David Wise,
the estate tax punishes people who live frugally and decently to give
their children a better life. It propagates the philosophy, "Spend
it before you die if you have it because if you do not, the government
will get it."
Clinton refused to sign the repealing of the estate tax law when it
came up for a vote in 2000. President Bush has already announced his
support for such legislation. If the Death Tax Elimination Act of
2001 (H.R. 8) is passed, Americans will finally be able to offer their
families an inheritance that can improve their own way of life and,
in many cases, help the country's economy. Taxpayers have been burdened
by the estate tax for over eighty years. It's time to set them free.
information on the estate tax, go to http://americanvoiceinstitute.org/Legislative_Agenda_Taxation.htm
Can You Do?
Send a message
to your national representatives expressing
your support of the Death Tax Elimination Act of 2001 (H.R. 8).
representatives and urge them to support the Death Tax Elimination
Act of 2001(H.R. 8).
Switchboard Numbers: 202-225-3121 or 202-224-3121 (Those numbers will
direct you to the Capitol Hill operator. Ask for your representatives'
To go to your
representative's website, find his E-mail or to find out who your
representatives are... http://www.house.gov/house/MemberWWW.html
mail your U.S. House of Representative, go to http://www.house.gov/htbin/wrep_findrep.
United States House of Representatives
Washington, DC 20515
To view a
sample letter to a representative, go to http://www.americanvoiceinstitute.org/EstateTaxLetter.htm