Mitt Romney Supports Full Repeal of the Death Tax

October 12, 2012 The Seniors Trust

Posted: Oct 12,2012

Sen. Mike Johanns: Mitt Romney Supports The Full Repeal Of The Death Tax

Nebraska Senator Mike Johanns made the following statement on Mitt Romneyâ€™s vision for a vibrant rural America:
â€œThe loss of a family member should not be a taxable event, and Americans should not be forced to sell the family farm, ranch or business just to pay the tax. I am astonished that President Obama supports returning the death tax to 55% with a $1 million exemption. Governor Romney understands the potentially devastating implications for agriculture and supports full repeal of the unfair death tax. It is time for Americaâ€™s farm and ranch families to stand with the candidate who will stand up for them against unfair taxation and over regulation. That person is Mitt Romney and he has my full support.â€

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We are in the midst of yet another great American discussion about taxation. Perhaps no policy area has become more sensitive or controversial. At stake are two vital concerns for the American future: How will we generate sufficient revenue to balance our budget without discouraging economic activity, and will the burden of taxation fall equitably on all Americans?

Tax policy shapes almost everything individuals and enterprises do as they participate in the economy. With bad design, tax policy can discourage economic activity. With good design, it can encourage it. Yet our current tax system is an accretion of decades of patchwork decisions that came into being with no systematic thought for their implications for job creation or economic growth. Every year, individual taxpayers are forced to confront a Rube Goldberg contraption of bewildering complexity that leads to a range of undesirable outcomes, including the fact that millions of Americans have to pay hundreds of dollars to have their tax returns prepared by a professional who understands the rules. Corporations, for their part, are subject to rules and regulations that all too often encourage tax gamesmanship while discouraging reinvestment in the American economy.