Ohio’s Estate Tax Must come to an End
“Estate tax repeal should be a no-brainer: More family businesses and farms growing in size. More jobs. More tax revenues.” Dick Patten, president American Family Business Foundation.
For centuries, economists have pointed out the harmful economic effects of estate and inheritance taxes.
Excerpts from the book Rich States, Poor States (by Laffer, Moore, Williams, 2009) explain the harm:
“Many studies indicate that the death tax is so inefficient, so adverse to saving and capital investment, and so complicated, that the states and the federal government would actually recoup much if not all revenues lost from this tax with higher tax receipts resulting from long term economic growth.
“The estate tax causes distortions in household decision making about work effort, saving and investment (and the loss of economic efficiency) that are even greater in size than those from other taxes on income from capital.”