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FOR IMMEDIATE RELEASE: Kyl Urges President to Abandon Threat to Veto Death Tax Repeal Senate's chief sponsor also counters Gore WASHINGTON, D.C. - Senator Jon Kyl (R-AZ) today urged President Clinton to abandon his threat to veto legislation that would repeal the inheritance tax -- known as the death tax to the millions who pay it. The legislation was sent to the President yesterday. Kyl is the chief sponsor of the legislation in the Senate. "President Clinton often says that people who work hard and play by the rules ought to have a chance for a better life, especially their children," said Kyl. "The repeal of the death tax gives their children that chance." "By signing this legislation, the President will affirm his support for the hard work of millions of small business owners, farmers, and ranchers. But by vetoing it, he will reveal that he really believes that Washington should be enriched, even at the expense of children," added Kyl. Current estate tax law allows the federal government to impose a tax of up to 55 percent when someone dies. Under the legislation, H.R. 8, the higher estate-tax rates would be reduced over the next 10 years and be replaced with the lower capital gains tax rates. The maximum estate and capital gains tax rates are 55 percent and 20 percent, respectively. Kyl also responded to Vice President Gore's campaign rhetoric pitting one class of Americans against another. Kyl noted that, according to a June 22-25 Gallup poll, 60 percent of the people support repealing the estate tax, even though three quarters of those supporters do not even think that they will personally benefit. "The American people have clearly said that they want to repeal this unfair tax. Even those who don't directly benefit from the repeal want it eliminated," continued Kyl. "Yet Vice President Gore says tax relief is too risky and will spend the surplus. There's nothing risky about letting people decide who should inherit their life's savings -- that's only fair. And Washington's multi-trillion dollar surplus is merely an overcharge of the American people. When the IRS withholds too much tax from your payroll check, you get a refund. Why does Al Gore believe that refunding some of the surplus is 'spending' and is wrong?" concluded Kyl. ### |
