On Nov. 6 the Treasury Department hosted a “Roundtable on Jobs, Growth, and the Abolition of the Death Tax." There was surprisingly little substance discussed at this one-sided event – most participants opted to rehash old rhetoric opposing the estate tax. There was no new serious research discussed and no new data presented.

On Nov. 6 the Treasury Department hosted a “Roundtable on Jobs, Growth, and the Abolition of the Death Tax." There was surprisingly little substance discussed at this one-sided event – most participants opted to rehash old rhetoric opposing the estate tax. There was no new serious research discussed and no new data presented.

The "invitation only" event was held in the aptly named “cash room” at the Treasury Department, and featured Treasury Secretary John Snow, Council of Economic Advisors

Chair N. Gregory Mankiw, Assistant Secretary of the Treasury Pamela Olson, and Nobel Laureate Vernon Smith. There were two panels - one on the “economics” of the tax, the other on the "reality" of the tax. The later panel consisted of representatives from a farm group and a small business group.

All the speakers were very pro-repeal. The "questions" were strongly pro-repeal as well. Most of the speeches prepared to address the economics of the estate tax centered on the work and/or savings disincentive of the tax. There was a willful ignorance of the fact that lower taxes on multi-millionaires means higher taxes or fewer services for the rest of us, and that this would reduce or eliminate any overall economic benefits of a repeal.

In additions, there was a general feeling that the repeal would benefit everyone -- not just millionaires -- by creating more savings, a greater capital stock, stronger businesses, higher growth rates, etc. The speakers and crowd seem to be very out of touch with the reality of the economic situation for the majority of Americans -- there was even moaning about the “burden” of having to deal with, or plan for, the estate tax. Trickle down and supply side theories were pervasive, and there was no realization that people are indeed left behind -- even in a growing economy.

Overall, the event looked very much like a pep-rally for the anti-estate tax forces. Even so, attendance was not heavy: just over half of the 150 seats were filled at the start, and only about one third were filled at the end. Even the Treasury Secretary didn’t think much of it -- he left after his 10-minute speech.

See also

• TaxWire’s Story on the roundtable
• Secretary Snow’s Remarks
• Greg Mankiw’s Remarks were virtually identical to a speech given two days before at the National Press Club.