WASHINGTON, D.C. – The 60 Plus Association today calls on the Senate to vote no on the motion to proceed on bill S. 3412. This bill offered by Senator Reid will allow the death tax to return to a 55 percent tax rate on all estates valued over $1 million. The 60 Plus Association will key vote no on this bill.
Jim Martin, Chairman of the 60 Plus Association had this to say, “Senator Reid’s unconstitutional tax bill is the wrong bill to protect this economy and America’s seniors. The bill will let the death tax come back to a punitive tax level not seen in over a decade. By offering this bill, Senator Reid has shown he is not a friend of America’s seniors and any Senator who votes yes on this bill will join him.”
The bill, S. 3412, will cause the death tax to return on January 1, 2013 at a 55% tax rate on all estates over the $1 million exemption. Senator Hatch’s alternative bill, S. 3413, prevents the death tax from increasing to 55 percent and will protect an additional 50,000 families from Senator Reid’s death tax increase.
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. Allowing the death tax to return to 55 percent would destroy 500,000 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.