|
|
Article: END TO ESTATE TAX WILL COST WISCONSIN.(OPINION)(Editorial)
- Article from:
- The Wisconsin State Journal (Madison, WI)
- Article date:
- July 31, 2001
CopyrightCOPYRIGHT 2001 Capital Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The state budget offers more evidence of why it was a bad idea for Congress to phase out the federal estate tax.
The federal tax cut legislation passed earlier this year phases out the federal estate tax over the next nine years. Though reform of the estate tax is warranted, the phased elimination of the tax was wrongheaded because it will encourage an aristocracy in America and discourage the super rich from contributing to the common good.
And because it leaves Wisconsin with a $60-million-a-year hole in the state budget after 2005.
Wisconsin's predicament stems from the fact that the federal government has allowed a credit for state death ...