Speaker of the House John Boehner couldn’t contain his glee when the House voted to repeal the estate tax. He said, “Family farmers, ranchers, and small-business owners work tirelessly to create jobs in our communities, put food on our tables, and, God willing, have something to pass on to their children and grandchildren.” The problem with that? It’s not true. Congress and the U.S. Farm Bureau have not been able to find a single example of when a family farm or small business was eliminated due to the estate tax over the past 35 years. But no matter, John Boehner also said the $269 billion saved by the top 0.2% over the next ten years “is nothing more than a drop in the bucket of the federal government”. Do you want to know the truth about the estate tax? Listen to this short conversation with Wall Street Journal personal finance columnist, Jonathan Clements as he explains the history and truth behind this important tax.
Guest: Jonathan Clements
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