BREAKING from Mahoney:
Stouffer Rips Ike on ‘Death Tax’
Republican Congressional candidate Bill Stouffer ripped into his Democratic opponent, Rep. Ike Skelton’s vote on changing the estate tax. Or, as it’s better known in republican circles, ‘The Death Tax’.
In 2010, the current 45% tax on estates is expected to temporarily end. But it returns in 2011 at a higher rate of 55%.
Stouffer attacked Skelton saying he is not surprised Skelton voted with the Democratic leadership.
“What is surprising, however, is that Ike would thumb his nose at so many farmers, small businessmen and families in rural Missouri by refusing to allow the tax to die in 2010 and voting to permanently extend the tax at a punishing rate of 45%. Ike, today, voted once again for liberal Nancy Pelosi values and against the good folks of rural Missouri.”
The House passed bill exempts the first $3.5 million from the tax, and $7 million for married couples. It’s prospects in the Senate are far from certain.Experts say the estate tax affects about 1% of all estates in the US.
Posted December 4th, 2009 at 10.30am at Heritage.org.
The U.S. House of Representatives voted to permanently extend the death tax at its current 45 percent rate and $3.5 million exemption. This is a significant tax hike since the death tax was supposed to expire on January 1, 2010.
The increase of the death tax is a major blow to the badly weakened economy since the tax is a huge drag on economic activity. It is also a major disappointment for countless family-owned businesses slammed hard by this unfair tax.
Despite passage in the House, the death tax increase is not yet law since the Senate has not acted. Earlier this year it passed a resolution to extend the death tax permanently as well, but at a lower rate and higher exemption level (35 percent and $5 million).
The Senate version would be better for the economy and family-owned businesses, but full repeal would be best. It would put 1.5 million unemployed Americans back to work and lift a heavy burden from families all across the country.
As the debate moves to the Senate, you can continue to find all of the Heritage Foundation’s work on the death tax – including new videos detailing the struggles the death tax imposes on family-owned businesses – at www.heritage.org/deathtax.
