Show will 0 y A tax repeal boomerang the plan to abolish federal estate taxes would in actual practice destroy the ability ot of states to levy inheritance taxes because ot of the competition which would develop between the states in the way 0 of encouraging the repeal of state inheritance tax laws this would encourage the migration ol of capital and capitalists from states which levy inheritance taxes to those which do not levy inheritance inheritance taxes also the repeal of the federal estate tax would deprive the federal government of its only means of securing revenue from tax tree free securities now exempt under the federal income tax law there theme Is no good why bankers merchants farmers and other business bu siness men should ask congress to lay heavier tax burdens on themselves in order to afford relief to the estates of owners of tax exempt securities which avoid taxation during the life of their owners one of the principal objection to inheritance taxes is the tact fact that such taxes are frequently levied on the same property by several different states as well as by the federal government this multiple taxation would not be remedied except in a small degree by the repeal ot of federal estate taxes this duplication can be very easily remedied by amending the federal law to provide that credit on federal federal estate taxes shall be given for allin all inheritance or estate taxes paid to states the federal law should also be amended in the interest ol of american business and agriculture by reducing federal estate taxes on all property on oil which the income is now subject to federal taxation and by leaving the federal estate tax on tax tree free securities to stand higher than on those subject to federal federal income tax |