WASHINGTON, D.C. – Today with the help from the 60 Plus Association, H.R. 1259 the Death Tax Repeal Permanency Act of 2011 reached 218 cosponsors giving it support from a majority of the U.S. House of Representatives:
Jim Martin, Chairman of the 60 Plus Association said, “With this new milestone, the Death Tax Repeal Permanency Act has reached a level of support not seen in recent years by Congress. In a year of looming tax increases, having the support to rid America’s seniors, family business owners and family farmers of this horrendous tax is a bright light of hope for the future. It is unfortunate that Senator Reid believes the death tax should be increased to an unconscionable 55%. For that reason, I am calling on members of the Senate to reject Senator Reid’s bill and support Senator Hatch’s alternative bill.”
Rep. Kevin Brady introduced the Death Tax Repeal Permanency Act in March of 2011. This bill permanently repeals the federal estate tax to protect family businesses and farms.
A recent study by Dr. Douglas Holtz-Eakin, the former director of the Congressional Budget Office, showed permanent repeal of the death tax could create over 1.5 million new jobs. In addition, a study by Dr. Steve Entin showed repealing the tax would protect 65,000 family businesses and would increase GDP by $119 billion.
The Death Tax Repeal Permanency Act of 2011 currently sits in the tax writing House Ways and Means Committee, awaiting action. Please contact your congressman via the House switchboard at (202) 224-3121 or visit www.house.gov and tell them to support H.R. 1259 today. A mirror bill in the U.S. Senate currently has 37 cosponsors.