The head of a national non-partisan senior citizens group has presented the Benjamin Franklin Award to Rep. Ed Royce (R-CA) because “Rep. Royce has a record of voting to repeal this terrible ‘death’ tax.”
60 Plus Association President Jim Martin noted, “It was Franklin who famously said there are two certainties in life, death and taxes, but because of the estate or ‘death’ tax, there is a third certainty--- taxes after death. 60 Plus decided to give a Benjamin Franklin award to those who support repeal.
“The House of Representatives has passed Death Tax repeal legislation by a 110-vote margin, 272-162, but repeal failed in the Senate, 57-43, where 60 votes were needed. Over 40 Democrats, including eight members of the Congressional Black Caucus, voted to abolish this confiscatory tax. This makes it crystal clear this is not a tax break for the rich as liberal, big-spending Members of Congress assert.
That’s nonsense. The rich set up trusts and foundations to protect their assets. Instead it’s farmers and small businesses throughout California who suffer the most.
“This is a clever but morbid tax on after-tax assets. After you’ve paid every tax that Congress has conceived while you are alive, then you die, and Congress hits you again with a tax that it passed more than 90 years ago, ‘to tax the rich’ to raise revenue, but the first claimant in line is greedy old Uncle Sam, not even a blood relative, ready to take as much as half of your after-tax assets. That’s a confiscatory rate and it’s wrong. Taxed for dying - how morbid!
“So, it is with a great deal of pride that 60 Plus honors Rep. Royce with the Benjamin Franklin Award because if Rep. Royce has his way, we will get rid of that third certainty—taxes after death—and make Mr. Franklin’s famous quote accurate once again.”
Martin concluded, “I’ve been credited by many, most notably Bill Gates, Sr. in his book, Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes, with popularizing ‘death tax’ for the estate tax. Why do I call it that? Because it’s triggered only by death. Senior citizens know they can always depend on Rep. Royce to abolish this anti-farmer, anti-senior, anti-small business, confiscatory tax.”
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