February 1, 2013
District of Columbia Makes Big Bucks from Death Tax
Death tax opponent advises taxpayers to move residency and money to one of 34 states with NO punitive death tax, with Virginia being the closest option.
(Alexandria, Virginia) – 60 Plus Association Chairman and Founder Jim Martin today issued an alert to residents of Washington, D.C. that the District currently maintains an extremely punitive 16% top local death tax on assets of over $1 million, far below the $5.25 million exemption of the federal death tax.
Martin has been one of the nation’s leading proponents for killing the death tax at all levels of government for over 20 years, and states it is “absurd” that successful individuals and family businesses should have to fund the DC city government after they’ve passed away.
Said Martin, “The District remains one of the most wasteful and inefficient local governments in the country. For example, they spend 155% per pupil on education more than the most costly local private schools, and yet only 10% of 8th graders can read at a proficient level.
“If you die while a resident of the District of Columbia, you do so at your own peril,” Martin continued. “We think it’s fair to warn the residents of DC who have worked, saved and invested wisely over the course of their lives to maybe consider alternate plans to keep the grave robbers in the District from taking such a large share of family assets.
“Many forget the death tax also applies to family businesses, many of which will have to be liquidated and sold-off just so the family can pay this oppressive tax. Just ask Jack Kent Cooke’s family how well the DC death tax works.
“Virginia, just across the river with no death tax, is a convenient alternative to rewarding an inept local government with an immoral tax. Whether it be Virginia or one of the other 33 states with no death tax, I am hopeful that the 13,000 millionaires currently living in Washington, DC will move their money and their residency, for their own sake, and the sake of keeping their businesses and their hard-earned assets in their family. Unless of course they are one of the liberal politicians that are so fond of keeping the death tax in place, in that case I hope they stay right where they are and pay their so-called ’fair share.’”