(Alexandria, VA) – With strong backing and support from the 60 Plus Association, today H.R. 2429, the Death Tax Repeal Act of 2013, achieved 218 cosponsors, ensuring it has the required votes for passage from a majority of the U.S. House of Representatives.

60 Plus Chairman Jim Martin hailed this achievement, saying, “This milestone of reaching a majority of Representatives shows the continued support of death tax repeal. Seniors, family businesses and family farms have been squarely against this horrendous tax, and it is time to show them the U.S. House of Representatives agrees with them by voting to once and for all eliminate this tax.

“Congressman Kevin Brady (R-TX) introduced the Death Tax Repeal Act and he is to be commended for his strong leadership. His bill permanently repeals the federal estate tax to protect family businesses and farms.

“The Death Tax has been instituted four times in our nation’s history, each time to prepare for a conflict and three times it was repealed shortly afterwards.  Today the death tax is the last survivor of World War I and two years shy of its 100th birthday.  It is time to repeal this tax because it is unnecessary and hurtful to America’s seniors and family businesses.

“The tax is one of the most economically destructive taxes on the books, with very little revenue to show for the damage it does.  Unfortunately it has been nine years since the House has cast a vote on a bill that would actually repeal the tax, and it is time for a vote again so that America’s seniors know who stands with them on this important issue.”

A recent study by the Joint Economic Committee of the United States Congress, chaired by Congressman Brady, found that the death tax has destroyed over $1.1 trillion in capital stock.  The same study determined repeal of the death tax would increase overall tax revenues by eliminating the harm the death tax causes to family businesses.

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