WASHINGTON, March 1 (UPI) -- U.S. Business leaders including former Federal Reserve Chairman Paul Volker came out Monday against President Bush's call to abolish the federal death tax.
Volker says repeal of the death tax is "poor tax and social policy" but is also, given the recent increase in federal indebtedness, "fiscally irresponsible."
Working with a national network of business leaders and others who say they are "concerned about deepening economic inequality," Volker and others want to persuade Congress to reject Bush's call for permanent repeal of the federal death tax. The group, Responsible Wealth, claims the initiative would reduce federal revenues by nearly $1 trillion over the next 20 years.
Volker will bring his latest crusade to Washington later this month where, along with Bill Gates, Sr. -- the father of Microsoft founder Bill Gates -- he will give a major speech on the subject.
