Ray Madoff has made available for download his written testimony before the Select Revenue Measures Subcommittee Hearing on the Burden of the Estate Tax on Family Businesses and Farms. The Abstract is as follows:
Congressional testimony focusing on (1) the importance of the estate tax, particularly in supporting the fairness of our tax system and (2) the significant societal costs that would result from repeal of the estate tax.
In one form or another, the estate tax has been with us since this country’s earliest days. The first estate tax was enacted in 1797, long before the income tax. Our modern estate tax was enacted in 1916, a mere three years after the enactment of the income tax. Any tax that has stood the test of time for so long should not be repealed without due attention to the role that it plays in our society, and the negative repercussions that could result from its repeal.
Download testimony at Written Testimony of Ray D. Madoff before the Select Revenue Measures Subcommittee Hearing on the Burden of the Estate Tax on Family Businesses and Farms by Ray D. Madoff :: SSRN.