CALIFORNIA LEGISLATURE—
2003–2004 REGULAR SESSION
Assembly Joint Resolution
No. 23
Introduced by
Assembly Member
Haynes
(Coauthor(s):
Assembly Member
Aghazarian, Bates, Bogh, Cogdill, Dutton, La Suer, Maze, Mountjoy, Pacheco, Samuelian, Strickland)
(Coauthor(s):
Senator
Aanestad, Ackerman, Battin, Denham, Hollingsworth, Johnson, Knight, Margett)
|
March 28, 2003 |
Relative to estate taxes.
LEGISLATIVE COUNSEL'S DIGEST
AJR 23, as introduced, Haynes.
Estate taxes.
This measure would memorialize the President of the United States and the Congress to support legislation that would immediately and permanently repeal estate taxes.
Digest Key
Fiscal Committee:
NO WHEREAS, Under federal tax relief legislation passed in 2001, estate taxes were temporarily phased out, not permanently eliminated; and
WHEREAS, Women and minorities are very often owners of small and medium-sized businesses, and estate taxes prevents their children from reaping the rewards of a lifetime of trying to make a better life; and
WHEREAS, Farmers and other small businesses will face losing their farms and businesses if the federal government resumes the heavy taxation of citizens at death; and
WHEREAS, Employees suffer when they lose their jobs because small and medium-sized businesses are liquidated to pay estate taxes and because high capital costs depress the number of new businesses that could offer them a job; and
WHEREAS, If estate taxes had been repealed in 1996, over the next nine years the United States economy would have averaged as much as $11 billion per year in extra output, and an average of 145,000 additional new jobs would have been created; and
WHEREAS, The persistent uncertainty created by the sunset provision prevents families and small businesses from taking advantage of the temporary repeal; and
WHEREAS, Having repeatedly passed both Houses of Congress, elimination of estate taxes has proven to hold wide bipartisan support; now, therefore, be it
Resolved by the Assembly and Senate of the State of California, jointly, That the Legislature of the State of California memorializes the President and the Congress of the United States to support legislation introduced in Congress that would immediately and permanently repeal estate taxes; and be it further
Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the President and Vice President of the United States, to the Speaker of the House of Representatives, to the Majority Leader of the Senate, and to each Senator and Representative from California in the Congress of the United States.