Meaning: The quote you provided is attributed to Ric Keller, a former U.S. Representative from Florida who served from 2001 to 2009. The quote addresses the contentious issue of the "death tax," also known as the estate tax. The estate tax is a tax on the transfer of property upon the owner's death. It applies to the value of an estate above a certain exemption level and is assessed before the property is distributed to heirs.

Keller's quote suggests that the estate tax has a significant impact on family-owned small businesses, leading to the liquidation of one-third of them after the death of the owner. He also argues that the tax is unfair because the assets included in the estate have already been subject to taxation at their income level during the owner's lifetime.

The assertion that the estate tax causes one-third of family-owned small businesses to liquidate after the death of the owner is a contentious claim that has been debated in policy circles. Proponents of the estate tax argue that it is a necessary tool for promoting fairness in the tax system and preventing the concentration of wealth in the hands of a few families. They contend that a well-designed estate tax can help address economic inequality and generate revenue for public services.

Opponents of the estate tax, like Keller, argue that it places an undue burden on family-owned businesses and farms, especially those with illiquid assets such as land or equipment. They argue that the tax can force heirs to sell off assets or take on debt to pay the tax liability, potentially jeopardizing the continuity of the business or family farm.

Keller's argument that the assets included in the estate have already been taxed once at their income level refers to the concept of double taxation. This concept asserts that the same income or assets should not be taxed multiple times. Opponents of the estate tax argue that the assets included in an estate have already been subject to income tax or other taxes during the owner's lifetime, and imposing an additional tax upon the owner's death constitutes unfair double taxation.

Proponents of the estate tax, however, argue that it serves as a means to tax the transfer of wealth from one generation to another, and that it helps prevent the perpetuation of economic inequality. They also note that the estate tax includes various exemptions and deductions that can mitigate the impact on family-owned businesses and farms, allowing them to pass on their assets without facing excessive tax burdens.

In summary, Ric Keller's quote encapsulates the debate surrounding the estate tax, highlighting the perceived negative impact on family-owned small businesses and the argument against double taxation of assets. The estate tax continues to be a contentious issue in tax policy discussions, with competing arguments regarding its economic impact, fairness, and implications for intergenerational wealth transfer.