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Senate Rejects Creating Jobs with Death Tax Repeal 59 - 39
Sen. DeMint forces Senate to go on recordby Palmer Schoening - No Comments
Posted on July 23rd, 2010 10:02 am
On Wednesday, July 22, 2010, the Senate voted not to create 1.5 million jobs when it defeated Senator Jim DeMint’s (S-SC) death tax repeal measure by a vote of 39 – 59.
Here is how the vote broke down:
Sens. Lincoln (D-AR) and Nelson (D-NE) joined 37 republicans in voting to repeal the tax.
Sens. Baucus (D-MT), Voinovich (R-OH), Wyden (D-OR), Nelson (D-FL), Snowe (R-ME) , Collins (R-ME), Specter (D-PA), Landrieu (D-LA), and Feinstein (D-CA), all previously having voted for repeal, went with the Nays on Wednesday.
Sens. Bayh (D-IN) and Vitter (R-LA) missed the vote.
The Senate's vote last night to reject death tax repeal just goes to show that the American people deserve better representation in Congress.Considering that two-thirds of Americans support permanent repeal, 59 Senators of both parties have given voters one more reason to vote them out of office this November.
This includes Senator Reid, who faces a tough re-election battle for Senate in Nevada.He publicly favors a 45% tax and 3.5 million dollar exemption, but is working behind the scenes to allow repeal to expire in 2011 – sticking small businesses with a 55% death tax rate on everything over $1 million.
Fourteen Senate candidates have signed AFBI’s “Death Tax Repeal Pledge,” including Sen. Reid’s opponent Sharron Angle and other candidates in top toss-up races in Colorado, Indiana, Wisconsin, Washington, Pennsylvania, Kentucky, and Florida.
If just 11 of the candidates having signed AFBI’s pledge win their races, there will be 51 votes for death tax repeal.
Research by the American Family Business Foundation shows that permanent repeal will spur 1.5 million jobs, while allowing the tax to roar back to 55 percent on estates over $1 million will result in a loss of 500,000 more jobs.
Instead of killing jobs, we ought to be killing the death tax.
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Contact Congress
Have you told the 112th Congress to Repeal the Death Tax?
- ATR & AFBI: End Punitive Tax on Hardworking Hoosiers
Fri, Dec 14, 2012 - Tax Coalition Calls on Tennessee Governor Bill Haslam to Quickly Repeal Inheritance Tax
Fri, Dec 14, 2012 - AFBI: This Bill is a Matter of Survival
Thu, Dec 13, 2012
- A Score of the Death Tax Repeal Permanency Actby Stephen J. Entin, April 2011
- The Cost of Compromise: Impact of the 2011-2012 Estate Tax by Anthony Davies, December 2010
- Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying by Tim Carney & Dick Patten, November 30, 2010
- Growth Consequences of Estate Tax Reform, by Dr. Douglas Holtz-Eakin and Cameron Smith, American Family Business Foundation, September, 2010
The Death Tax fight will soon be decided in the halls of Congress by your representatives. AFBI is leading the fight for repeal in Washington, but we cannot do it alone.