Rep. Roy Blunt is slamming a House Democratic budget plan, which includes a plan to reinstate the estate or "death tax."The U.S. Senate approved the budget last week.
“More than 270 members of Congress, including 42 Democrats, voted last Congress to permanently repeal the Death Tax – and for good reason. It’s a form of double-taxation that penalizes the wrong people for doing the right things, and it does so at a rate that would make even our friends in Europe blush," Blunt said in a statement.
Blunt said the Democratic budget clears the way for the tax to return just a few years from now, "levying a rate of up to 55 percent, and costing the American economy hundreds of thousands of jobs each year."
“I’d hope my colleagues from the Midwest, especially – and others representing our farmland regions – would think twice before supporting a budget proposal that gives life to the insidious and obscenely timed Death Tax," Blunt said.
More from the Blunt release:
The Death Tax is scheduled to phase out over the next few years and will disappear entirely in 2010 – only to return in 2011 at the unprecedented rate of 55 percent. Small, family-owned businesses are especially vulnerable to the tax, given that most small business owners are forced to count the entire value of their businesses in their estates. More than 70 percent of family businesses do not survive to the second generation. And 87 percent do not survive to a third generation.
During committee consideration of the Democrats’ budget resolution, Rep. Mario Diaz-Balart, R-Fla., offered an amendment to ensure that Death Tax would not be restored. His effort was defeated by Democrats 22 to 17.
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