NTU urges all Representatives to vote “NO” on the amendment by Representative Earl Pomeroy (D-ND) that would dramatically hike taxes by resurrecting the currently repealed death tax at a two-year 45% rate and $3.5 million exemption.
The economic implications of the death tax are clear: it destroys hard-earned savings and pushes small and family-owned businesses into bankruptcy. Many economists have acknowledged that the tax’s adverse effects on the economy would exceed generated revenues. It is unfathomable that more Members of Congress are not fighting for a complete repeal of the death tax, which would create 1.5 million jobs and slash the unemployment rate by a full percentage point over the next two years.
The death tax punishes thrift, savings, and hard work – three attributes that are imperative to getting our economy back on track. In times like these, we cannot afford to crush the talent and dreams of those who aspire to make our nation a better place.
Going from 0 to 45% is an egregious levy on taxpayers that must be stopped. Roll call votes on the Pomeroy amendment will be significantly weighted in our annual Rating of Congress.
If you have any questions, please contact:
NTU Federal Government Affairs Manager Jordan Forbes at(703) 683-5700