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Source: NCDA&CS, 7/22/13
Representative Howard Coble has been recognized by a national senior citizen’s organization for sponsoring repeal of the “temporary” death tax last imposed in 1916 to help finance World War I.
Rep. Coble was flanked at a Capitol Hill photo ceremony by 60 Plus Association Chairman Jim Martin on the left, and President Amy Noone Frederick on the right as Rep. Coble accepted the Association’s Benjamin Franklin Award.
60 Plus Chairman 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. 60 Plus honors Rep. Coble with this award because Rep. Coble is working hard to get rid of that third certainty—taxes after death—and make Mr. Franklin’s famous quote accurate once again.
“This tax has been imposed four times for defense purposes, in 1797, 1862, 1898, and 1916. It was repealed the first three times shortly after hostilities ended. But Congress failed to repeal when World War I ended. It’s long overdue for this ‘temporary’ tax to be repealed a fourth and final time.
“The House of Representatives has passed repeal by a 110 vote margin, 272-162, but it fell three votes short in the Senate. Over 40 Democrats, including eight members of the Congressional Black Caucus, voted to abolish it. Clearly eight Members from the Congressional Black Caucus can’t be accused of voting for a ‘tax cut for the rich.’ The wealthy, liberals and conservatives alike, set up foundations to protect their assets.
“Rep. Coble knows that the death tax is an unfair tax. Senior citizens know they can always depend on Rep. Coble to abolish this painful tax on family-owned businesses. This ‘temporary’ tax is anti-small business, anti-farmer, and is also a job-robbing confiscatory tax that should have been repealed nearly 100 years ago.”
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