Dunn's Death Tax Repeal Bill Passes Senate,
Heads To White House
Dunn Calls on President to Sign
Bill
July 14, 2000
(Washington, D.C.)
Defying the odds and confounding
the critics, U.S. Congresswoman Dunn's (8th Dist.--Wash.) top tax
priority, death tax repeal, passed the U.S. Senate today by a vote
of 59 to 39.
"This is a major victory for our nation's
small-business owners, family farmers and ranchers, and all others
who have worked through their lives to create a legacy to pass onto
their children," cheered Dunn. "While we have stunned our opponents
with our successes, one giant hurdle remains. Now, only one person
stands in the way of American families' relief from the unfair death
tax: President Clinton."
Introduced by Dunn and U.S. Congressman John Tanner
(8th Dist.--Tenn.), the Death Tax Elimination Act, H.R. 8, would
reduce and ultimately abolish the unfair death tax over a ten year
period. While pundits and skeptics argued that it couldn't be done,
Dunn and Tanner persisted.
To ensure priority action by House Republican
Leadership, Dunn and Tanner worked to assemble a broad, bipartisan
coalition of support. Two hundred and forty six Members of Congress,
including 46 Democrats, signed on the bill. In a rare move involving
bypassing the committee approval process, the Senate moved on Dunn's
measure quickly after the overwhelming bipartisan House vote of
279-136, with 65 Democrats voting in favor of the bill last month.
H.R. 8 garnered the support of the Black Chamber of
Commerce, the Hispanic Chamber of Commerce, and the National Indian
Business Association, among nearly 100 other groups. "The people
represented by these organizations understand the devastating impact
the death tax forces on families. Everyone wants to ensure their
hard work will make life better for their children, but the death
tax is their enemy," said Dunn.
Although death tax supporters claim only 2% of
Americans pay the death tax, almost every family business or farm
pays the "compliance tax." These are the billions of dollars spent
every year on attorneys, accountants, and life insurance policies to
ensure that loved ones will have enough cash on hand to pay the
death tax. The numbers also do not reflect the number of businesses
sold because the resulting capital gains tax is less than the death
tax.
"Because many helped to move this bill through the
process, we now find ourselves one step away from abolishing the
unfair death tax. We urge the President to sign this bill," said
Dunn.
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