Transcripts

Commentary: Death Tax Debate

SUSIE GHARIB: Tonight`s commentator looks at the debate over repeal of the estate tax, sometimes called the "death tax." He says it`s an idea that politicians on both sides of the aisle should be able to live with. Here`s Dan Henninger, deputy editor of the editorial page of the "Wall Street Journal."

DANIEL HENNINGER, DEPUTY EDITOR, WALL STREET JOURNAL EDITORIAL PAGE: The heads of the Republican and Democratic parties had an argument about the coming elections on the "Wall Street Journal" editorial page last week when taxes were part of it. The GOP`s Ken Mehlman said his party has cut taxes every year since Bush was elected and now wants to eliminate the estate tax. Howard Dean said if we had not cut those taxes, the budget would be balanced. The "Wall Street Journal" editorial page has been in the middle of this tax debate going back 30 years.

We supported Ronald Reagan`s tax cuts. Our politics is that we`re for whichever tax policy will produce economic growth. Lowering or killing the estate tax will keep money with some of the nation`s hardest working, most productive families. Also, income that has already been taxed at least once really should not be taxed again because of the mere accident of death. That is a moral issue. The largest number of beneficiaries here would be people with estates under $10 million. Typically these are family-run businesses. These estates are the product of a lifetime of work, savings and job creation. The really rich don`t pay much estate tax anyway because they can afford estate lawyers or they transfer their money to foundations. Some Democrats in the past have actually been for repeal of the death tax. Well, this is one tax cut that really does deserve the support of both parties. I`m Dan Henninger.