August 15, 2007

Republicans:

Sen. Sam Brownback, Sen. Sam Brownback said the death tax hits hardest those who have worked hard all their lives without giving consideration to the games played by Washington.

• "This is a tax on dying, treating death as a taxable event, which is suspect in and of itself," Brownback told CitizenLink. "But it also forces a lot of people and organizations to spend a lot of time and money organizing around it."
• Brownback said family farms and small family-owned businesses are hit the hardest. "In many cases," the Kansas senator said, "you can organize around paying a death tax, but you have to take a business entity and break it up into trusts, and into partnerships and into stock companies—and all of that creates economic inefficiencies, when what we want to create is economic efficiencies and opportunities."

Source: http://www.citizenlink.org/CLFeatures/A000000218.cfm07/27/2005, Estate-Tax Repeal Vote Possible This Week; by Pete Winn

Speaker Newt Gingrich, has yet to announce his candidacy. He has personally committed to AFBI to support permanent repeal the Death Tax. Side note: AFBI’s website www.nodeathtax.org was originally founded by Newt Gingrich.

Source: Conversation with AFBI President, Dick Patten

Mayor Rudy Giuliani, has committed to support permanent repeal the Death Tax, but refuses to sign any pledges. His public speeches have focused on Death Tax repeal and his campaign staff has been regularly consulting with AFBI as a resource on all issues pertaining to the Death Tax.

• Giuliani: “It’s bad for savings, it’s bad for growth, and it’s unfair. That’s why we should give the death tax the death penalty.”

Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007

Gov. Mike Hukabee, has personally committed to AFBI to support permanent repeal of the Death Tax.

Source: Conversation with AFBI President, Dick Patten

Rep. Duncan Hunter, Voted for repeal.

Source: Recorded Roll Call Vote 102, House of Representatives, Apr-13-2005

Sen. John McCain, has thus far refused to commit regarding Death Tax repeal. Even his chief economic advisor Dr. Douglas Holtz-Eakin, who has written more academic papers than any living economist about why the Death Tax should be repealed, has been unable to get McCain to budge on the issue. Note: Sen. McCain did vote in favor of Death Tax repeal in 2006.

Source: Conversation with AFBI President, Dick Patten

Rep. Ron Paul, Voted for repeal.

• “Ultimately, the argument against the death tax is a moral one. People should not be punished for working hard, saving, and building wealth. Our society should respect the most basic property right, namely the right to dispose of one’s property as one chooses. The American dream is based on making a better life for one’s children, despite the empty rhetoric of the class-warfare politicians in Washington. Building wealth is not sinister, it is admirable. Our tax rules should encourage the decidedly American virtue of saving for the future”.

Source: http://www.lewrockwell.com/paul/paul281.html. Recorded Roll Call Vote 102, House of Representatives, Apr-13-2005

Gov. Mitt Romney, has personally committed to AFBI to support permanent repeal the Death Tax. He delivered a major speech on the subject on April 19, 2007. We are currently working with Cesar Conda of the Romney campaign exploring a possible AFBI-sponsored televised event with Gov. Romney publicly signing the Death Tax Repeal Pledge.

• Romney: “Let's kill the death tax. And let's have a new tax rate for middle income Americans who want to save their money, who are investing in America”.

Source: Americans for Tax Reform, Conversation with AFBI President, Dick Patten. http://www.mittromney.com/News/Speeches/Young_Republican_National_Convention

Rep. Tom Tancredo, Voted for repeal.

Source: Recorded Roll Call Vote 102, House of Representatives, Apr-13-2005

Sen. Fred Thompson, has recently stated his support of full repeal of the Death Tax. As a Senator he voted twice to permanently repeal the Death Tax.

Source: Richmond Republican Party fundraiser speech, July 2007.

Democrats:

Sen. Joe Biden, We gave him points for transparency, not his economics. He’d levy a tax of 45% per couple on amounts over $7 million.

Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007

Sen. Hillary Clinton, She would exempt 99% of estates from the taxes. She says the deficit precludes eliminating this tax.

Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007

Sen. Chris Dodd, He sees the estate tax as a means of reducing income inequality.

• “We're going to need not a repeal of the estate tax but to moderate it. But if we were to totally get rid of that, there would be a tremendous loss of revenues for the country. And then we need to provide the kind of tax breaks and incentives for those in the middle-income category of our country so they can begin to grow and prosper and contribute more."

Source: Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007. 2007 AFSCME Democratic primary debate in Carson City Nevada.

Sen. John Edwards, He’d retain it for the very large estates and use the revenues to fund universal health care.

Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007

Sen. Barack Obama, He would reform the tax to protect farms and small businesses.

• Repealing the estate tax would cost $1 trillion, and it would be hard to find a tax cut that was less responsive to the needs of ordinary Americans or the long-term interests of the country.

Source: Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007. The Audacity of Hope, by Barack Obama, p.191-192

Gov. Bill Richardson, He would retain the death tax for the 750 wealthiest estates.

Source: Barron’s Magazine, “Investors’ Guide to the Candidates”. July 2, 2007