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.
WHO: BRUCE BARTLETT, NCPA SENIOR FELLOW
WHAT: TESTIMONY ON BURDEN OF ESTATE TAX ON SMALL AND FAMILY BUSINESS BEFORE THE HOUSE COMMITTEE ON SMALL BUSINESS' SUBCOMMITTEE ON TAX, FINANCE AND EXPORTS
WHEN: 10:00 AM, THURSDAY, JUNE 12
WHERE: 2359 RAYBURN HOUSE OFFICE BUILDING