A Quote by Kit Bond
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.
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In 2010 the U.S. will have a payroll tax rate increase, an estate tax increase, and income tax increases. There's also a tax increase coming in 2010 on carried interest. This rate will rise from its current level of 15 percent to 35 percent, and then it will rise again in 2011.
Unfortunately, actions taken by the Senate ensured that relief from the death tax would only be temporary and that it would come back to life at the full rate again in 2011.
I had nothing to do with death panels. I thought it was a horrible phrase about end of life. I didn't think it was accurate, and I was - I've always been opposed to it. The reason why I stood behind that phrase "death tax" for so many years is because the only time that you could pay that tax, the only time, is on the death of a relative. And that's what makes it a death tax. You have to be accurate.
We did the two-year extension of Bush tax cuts in 2010. We negotiated the Budget Control Act in August of 2011 and the fiscal cliff deal at the end of 2012, which saved 99 percent of Americans from a tax increase.
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
Marx and Engels openly declared that the progressive income tax and the death tax are 'economically untenable' and that they advocated them only because 'they necessitate further inroads' upon the capitalist system and are 'unavoidable' as a means of bringing about socialism.
The death tax should be completely and permanently repealed now in order to make the Tax Code fairer and simpler and to eliminate the harmful drag this tax has on the economy.
Balance the federal budget now, not 15 years from now, not 20 years from now, but now. And throw out the entire federal tax system, replace it with a fair tax, a consumption tax, that by all measurements is just that. It's fair.
In my view, until the U.S. tax policy is revised, not just tax extenders but the reform of tax policy, it makes it very attractive for us to invest on acquisition overseas.
I'd like to give zero out capital gains tax and zero out the dividends tax, zero out alternative minimum tax, and zero out the death tax.
I'll give you a simple formula for straightening out the problems of the United States. First, you tax the churches. You take the tax off of capital gains and the tax off of savings. You decriminalize all and tax them same way as you do alcohol. You decriminalize . You make gambling legal. That will put the budget back on the road to recovery, and you'll have plenty of tax revenue coming in for all of your social programs, and to run the army.
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
The reason we've been growing at 1.8 percent for the last eight, ten years, which is way below the historical average, is in large part because of our tax code. It is important to us to get the biggest, broadest tax reduction, tax cuts, tax reform that we can possibly get because it's the only way we get back to 3 percent growth. That's what's driving all of this, how do you get the American economy back on that historical growth rate of 3 percent and out of these doldrums of 1.8, 1.9 that we had of the previous Barack Obama administration?
I bought an insurance policy covering the inheritance tax my kids will have to pay when we die, which I thought was a good bit of forward thinking. And I always know I'm going to have enough for tax because I make sure I keep it back in my business account.
The estate tax punishes years of hard work and robs families of part of their heritage by imposing a huge penalty on inheritance after death - a tax on money that has already been taxed.
No one making less than $250,000 under Barack Obama's plan will see one single penny of their tax raised, whether it's their capital gains tax, their income tax, investment tax, any tax.
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