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This year liberals have sought to control the banks, the auto makers, your health care, and now they want your money after you die. By seeking to make the death tax permanent, Speaker Pelosi is keeping our economy from recovering and ensuring that the life savings of hard-working Americans are not passed on to their children, they are confiscated by the government.
Not only is it unfair and immoral to tax someone for dying, it also undermines job growth and wage creation. I am a cosponsor of H.R. 205, the Death Tax Repeal Act, which repeals the federal estate and gift taxes. Douglas Holtz-Eakin, the former Congressional Budget Office director, estimates in a new study that the economy would create roughly 1.3 million more small business jobs with no death tax instead of Speaker Pelosi’s planned 45% permanent rate.
Today President Obama is holding a jobs summit to look for ideas on how to create jobs here at home. He can start by vetoing this bill. Democrats have tried unsuccessfully to create jobs for the past 10 months. Their misguided policies of more government control, higher spending, and tax increases have made our bad economic situation measurably worse. Americans have made it clear that they want less government control, less spending, and lower taxes. It is time for the president and the leadership in Congress to listen.