Political Quotes

“5 years ago Congress took steps to end the death tax. Now the American people expect us to finish the job. We need to end permanently the tax that punishes American values of savings and investment and of building small businesses and family farms and ranches. The death tax punishes the American dream--making it virtually impossible for the average American family to build wealth across generations. The death tax is anti-savings, anti-family, and anti-investment. It is quite simply un-American. If we don't act now, the death tax will come back in just a few years. Under current law the death tax is phased out in 2010 but comes back in full force in 2011. That is a ridiculous and untenable policy. The death tax should be completely and permanently repealed now in order to make the Tax Code fairer and simpler and to eliminate the harmful drag this tax has on the economy. According to the Small Business Administration, more than 70 percent of all family businesses do not survive through the second generation, and 8 percent do not make it to a third. The death tax is one of the leading causes of the dissolution of small businesses. It hits those who own small businesses and family farmers the most. When faced with the death tax, farmers and ranchers are in an especially tough spot with most of their assets tied up in land and buildings, livestock and equipment. This gives them little flexibility when settling estates.…”