Proponents of Estate Tax Repeal Resurrecting Old Misconceptions
End Notes
[1] Wall Street Journal, “Estates of Pain,” January 12, 2009, http://online.wsj.com/article/SB123180759988175649.html?mod=article-outset-box
[2] Wall Street Journal.
[3] The WSJ editorial cited a 2006 Joint Economic Committee study in support of this claim. The ideological JEC study, however, is deeply flawed. For a detailed discussion of its shortcomings, see Aviva Aron-Dine, “Estate Tax Repeal Would Decrease National Saving: Long-Run Impact on Economy Negligible and Possibly Negative,” Center on Budget and Policy Priorities, June 8, 2006, https://www.cbpp.org/6-8-06tax.htm. The JEC study referred to is Joint Economic Committee, “Costs and Consequences of the Federal Estate Tax,” May 2006.
[4] Jane Gravelle and Steven Maguire, “Estate and Gift Taxes: Economic Issues,” Congressional Research Service,” updated January 26, 2007.
[5] This cost includes $1 trillion of lost revenues and $277 billion of higher interest payments on the national debt. See Chye-Ching Huang, “The High Cost of Estate Tax Repeal,” Center on Budget and Policy Priorities, updated January 28, 2009, https://www.cbpp.org/6-5-06tax.htm; also see Chye-Ching Huang, “Congress Should Not Weaken Estate Tax Beyond 2009 Parameters,” Center on Budget and Policy Priorities, January 27, 2009, https://www.cbpp.org/1-27-09tax.htm.
[6] For further discussion, see Chye-Ching Huang, “Congress Should Not Weaken Estate Tax Beyond 2009 Parameters,” Center on Budget and Policy Priorities, January 27, 2009, https://www.cbpp.org/1-27-09tax.htm.