Alexandria, VA (April 28, 2020) – The 60 Plus Association, also known as the American Association of Senior Citizens, issued the following statement:

60 Plus President Saul Anuzis stated, “It’s no secret that President Biden had campaigned on increasing the estate tax along with raising rates on capital gains and corporate income. It appears that increasing the estate tax is not part of the ‘American Families Plan’ at this time…. but we’re equally concerned regarding the step up in basis carve out which impacts small businesses, farmers and ranchers who don’t have readily available capital to avoid this tax.

“This is a backdoor attempt to stick the camel’s nose under the tent and tax hard working families who have already paid their tax the first time.  Once is enough”.

60 Plus Chairman Jim Martin emphasized, “Mr. President, you’re tinkering with the estate tax—the grossest tax ever devised.

“Making the rich pay their fair share? 

“Nonsense. They protect their after tax assets with trusts and foundations. It’s small businesses, farmers and ranchers who are forced to pay this confiscatory levy.

“Think about it. You pay your taxes while alive, upon death, your heirs are taxed again! 

“For 30 years we’ve shamed money grubbing politicians, preaching that dying should not be a taxable event, that taxing cadavers is gross public policy. 

“Gross and totally immoral. 

“Your carving out the step up in basis portion has cash registers ringing all over the swamp, making work for lawyers, lobbyists and accountants to justify their paydays.”