Petition Drive to Repeal Oregon’s Death Tax Underway
By Oregon NFIB
In the last 10 years, 29 of 50 states have done away with their estate/inheritance taxes. Economic studies show that eliminating a state estate tax creates more jobs by reducing business departures and by encouraging more businesses to come to a state. This enhances regular income tax revenue which can offset the estate tax revenue loss.
The estate tax, often referred to as “the death tax,” is considered one of the most unfair taxes in the nation. It imposes a final tax on the deceased person’s money and possessions, even though they were all properly taxed as they were acquired. Yes, it’s a double tax!
The death tax destroys family-owned businesses. Most Oregon jobs are created by family-owned businesses, farms and ranches. The death tax can force these businesses or farms to be sold – usually under distressed conditions – just to pay the taxes. Under these circumstances the family loses the opportunity to carry on the family business and the employees working at those businesses or farms lose their jobs.
Oregon is one of only three states west of the Mississippi that still has a death tax. For all of the compelling reasons mentioned, NFIB/Oregon has joined Common Sense for Oregon in gathering the 87,233 signatures necessary to qualify this measure for the November ballot.
To learn more about the initiative click here and then click the Sign the Petition link at the bottom of the page.