Wes Hickman (202-224-5972) or Kevin Bishop (864-250-1417)
-- Today, U.S. Senators Lindsey Graham (R-S.C.) and Jim DeMint (R-S.C.) voted in favor of H.R. 8, The Death Tax Repeal Permanency Act. Unfortunately, the measure failed by a vote of 57-41, as 60 votes were needed to advance the proposal. With the vote so close, Majority Leader Bill Frist (R-Tenn.) has indicated that the Senate may take up the issue again later this week.
“The Death Tax destroys family farms and small businesses,” said Graham. “Many people are land rich, but cash poor. These people have to liquidate their business or farm to pay the Death Tax. The Death Tax accounts for less than 1.5 percent of all federal revenue, but it destroys the hopes and dreams of many individuals and families who worked hard to achieve the American Dream. The Death Tax is bad policy and I will continue to work to bring about its permanent demise.”
“Americans know it is fundamentally wrong to make death a taxable event,” said Senator DeMint. “The Death Tax only brings in a small amount of revenue, yet it destroys jobs, breaks up family businesses and farms, and costs the economy hundreds of billions in capital investments. If we are serious about making America the best place in the world to do business, we need to kill the Death Tax once and for all.”
The Death Tax only brings in under $25 billion per year in revenue to the federal government, but it is estimated that it has cost the U.S. economy over $847 billion in capital investment and is responsible for the loss of at least 100,000 jobs every year. Under current law, the Death Tax will be fully repealed in 2010, but it will immediately be restored in 2011 and beyond at a rate of 55%. H.R. 8 would make the full repeal of the Death Tax permanent.