NCPA's Bartlett Says Rangel's Substitute Bill Won't Work
WASHINGTON, DC (April 4, 2001) — There's likely to be a battle over repeal of the estate tax when H.R. 8 comes to the floor for a vote later today. Some Democrats are expected to offer a substitute bill authored by New York Congressman Charles Rangel.
"The substitute bill is designed to reform the statute, not repeal it," said Bruce Bartlett, senior fellow at the National Center for Policy Analysis (NCPA). Bartlett and several other analysts have called for repeal of the estate tax, which now is approximately 60 percent of estate value, for several reasons:
- It's an unfair tax on income that's already been taxed.
- It discourages work and savings.
- It's a complex tax and has high compliance costs.
"The estate tax also disproportionately affects recently acquired wealth and women, since they tend to live longer," Bartlett added.
Bruce Bartlett will be available for comment on this issue and other tax issues facing the 106th Congress.
WHO: Bruce Bartlett, Senior Fellow, National Center For Policy Analysis (NCPA)
WHAT: H.R. 8-A Bill To Repeal The Estate Tax
WHEN: April 4, 2001
WHERE: U.S. House Of Representatives
Bartlett is a prolific author, having published more than 900 articles in some of the nation's most prestigious newspapers. He is a leading advocate of tax rate reductions, and was a lone voice during the 1990s when target cuts were in fashion. Bruce's twice-weekly columns on tax and economic issues are syndicated nationally by Creators Syndicate. He also has written four books, including Reaganomics: Supply-Side Economics in Action, published in 1981.
Before joining NCPA, Bartlett was deputy assistant secretary for economic policy at the U.S. Treasury Department, where he served from 1988 to 1993. As a member of then-Congressman Jack Kemp's staff in 1977, he helped draft the famous Kemp-Roth tax bill, which formed the basis for the 1981 Reagan tax cut.