SENATE MEMORIAL 4

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Joseph J. Carraro

A MEMORIAL

REQUESTING THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF NEW MEXICO WORK TO ABOLISH THE ESTATE TAX PERMANENTLY.

     WHEREAS, under tax relief legislation passed in 2001, the estate tax was temporarily phased out but not permanently eliminated; and

     WHEREAS, farmers and other small business owners will face losing their farms and businesses if the federal government resumes the heavy taxation of citizens at death; and

     WHEREAS, the estate tax is particularly damaging to families working their way up the ladder and trying to accumulate wealth for the first time; and

     WHEREAS, employees suffer layoffs when small and medium businesses are liquidated to pay estate taxes; and

     WHEREAS, if the estate tax had been repealed in 1996, the United States economy would have realized billions of dollars each year in extra output and an average of one hundred forty-five thousand additional new jobs would have been created; and

     WHEREAS, having repeatedly been passed in the United States congress, repeal of the estate tax holds wide bipartisan support;

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that the New Mexico congressional delegation be encouraged to support, work to pass and vote for the immediate and permanent repeal of the estate tax; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to members of the New Mexico congressional delegation.

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