Kenny Guinn on Tax Reform
Republican NV Governor
I believe, however, that, with the potential slowing of the national economy, now is not a time for new taxes, and my budget does not contain a single tax increase. Now is a time for moderation and restraint. I have long believed that state government cannot and should not be all things to all people. There are some things, however, that only the state can do -- educate our children, care for our seniors, and protect the disadvantaged.
We are writing to request equal treatment between states and the federal government on estate tax changes. Regardless of oneís view about phasing out the federal estate tax, the Governors are absolutely united in opposing any action that would discriminate against states in the phase-out of the state and federal estate taxes. This issue needs to be addressed before the Senate goes to conference with the House.
Governors believe that the ability of states to independently determine their own tax revenue policy is a basic tenet of federalism. Moreover, no federal tax bill should be enacted without close consultation with the states.
At the very least, there must be equity in the treatment of the state death tax credit in the tax bill the Congress considers with the proposed phase-out of the federal estate tax. Governors oppose provisions that impose disproportionate impacts on state revenue systems. The changes proposed by the Senate would have abrupt, significant adverse impacts on state revenues at a particularly onerous time for many states. The potential impact on states would begin next year and have a potential impact of between $50 and $100 billion over the next ten years.
We urge the leaders to respect those rights and to restore fairness.
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