Reducing New York’s Death Tax
Recently, Campaign for Liberty President John Tate signed on to a Family Business Coalition letter sent to New York’s Governor Andrew Cuomo expressing support for a proposal in his budget which calls for increasing the New York estate tax exemption from $1 million to $5.34 million and lowering the top tax rate from 16 to 10 percent.
The letter calls for New York to go a step further than the Governor’s proposal and eliminate the death tax altogether in order to remain competitive with its neighbors.
The death tax, aside from being a form of double or even triple taxation, is a poor revenue raiser. But perhaps even worse is the economic harm it inflicts by preventing family farms and small businesses from being passed down by taxing the value of the estate owned by the recently deceased. Worse yet is that it disproportionately affects middle class small business owners, as the super-rich like Warren Buffet have enough money to hire estate planning lawyers to shield their wealth from the tax.
Remember, “No taxation without respiration.”
Read the full letter below: