Jim Martin: “The death tax needs to be repealed, not doubled. Mr. Obama’s stubborn commitment to continued tax hikes in the face of record government revenue cements his position as the biggest enemy to the middle-class and seniors on fixed incomes.”
(Alexandria, Virginia) — The 60 Plus Association, America’s largest center-right seniors group with over 7.2 million senior supporters, today issued a statement in response to President Obama’s plan to nearly double the death tax rate from 40% to 60%, a plan he will announce tonight in his sixth State of the Union (SOTU) address. Said 60 Plus Chairman and Founder Jim Martin:
“Raising taxes doesn’t help the middle class, or seniors on fixed incomes. The death tax has been proven repeatedly from both liberal and conservative economists to be a job killer, a loser for the economy, and a destroyer of the American dream. It puts a bulls eye directly on the middle class who are trying to build wealth and security. The millionaires and billionaires who are the backbone of Mr. Obama’s fundraising machine don’t pay it, they pay lawyers and accountants to duck out of its way.
“The American people do not want higher taxes. Our economy can’t sustain the hit of more taxes. And President Obama is going back on both his tax compromise deal made last year, and his word that he would work with Congress on policies the American people support. Mr. Obama knows both the American people and both chambers of Congress oppose the federal death tax, and are certainly going to reject his plan to raise it once again.
“Economists across the spectrum, from conservatives like Douglas Holtz-Eakin, to liberal Ed McCaffrey, oppose the death tax, because they know it kills jobs, doesn’t contribute to the U.S. Treasury, and hurts family businesses, especially minority-owned businesses.
“Mr. Obama, Americans want to create inter-generational prosperity, but you offer inter-generational debt. Your plan to hike the death tax, like your own economic recovery, unfortunately, is going nowhere.”