Democrats Slam Families and Businesses Once Again with Permanent Death Tax Extension
Washington- Carol Shea-Porter and her fellow Democrats have given up all attempts to hide their enamor with tax hikes, voting today to permanently extend the Death Tax and once again putting the screws to American families and small businesses (House Roll Call 929). Unwilling to prompt economic recovery by letting the Death Tax rate fall to zero in 2010, Shea-Porter and her colleagues instead voted to make the current rate and threshold permanent – hitting families with a permanent tax of up to 45 percent on any holdings over $3.5 million upon the holder’s death. The fact that these holdings were already taxed once is apparently lost on Shea-Porter and company, whose eagerness to get their hands on more taxpayer money knows no limits:
“Next year had been shaping up as a great year to get a big inheritance — no federal taxes on it. Congress, however, has other plans for the few wealthy heirs expecting a big boon. Uncle Sam may take a 45 percent cut after all.
“Under current law, the federal estate tax is scheduled to temporarily disappear next year before returning in 2011 at an even higher rate. But the House is expected to vote as early as Thursday on a bill that would permanently extend the current top rate of 45 percent on estates larger than $3.5 million.” (“Congress Scrambles to Extend Estate Tax,” Associated Press, 12/1/09)
“While New Hampshire families are struggling to stay above water, Carol Shea-Porter and her big-government allies in Washington can only think of new ways to get their hands on taxpayer money,” said NRCC Communications Director Ken Spain. “With Democrats already taxing and spending the country into a mountain of debt, the last thing New Hampshire families need from Carol Shea-Porter during this jobless recovery is yet another tax that will stifle savings, blunt growth, and pinch small businesses. It’s time for Washington Democrats to abandon their anti-jobs agenda, but Shea-Porter and her party bosses continue to push their reckless spending scheme so they can dig deeper into American families’ pocketbooks in order to fund their endless string of government takeovers.”
With Carol Shea-Porter's latest tax hike, it’s once again clear that she’s more interested in funding a big-government spending spree in Washington than giving New Hampshire families and small businesses the economic freedom they need to jump start the nation’s economy. Will Shea-Porter ever take her foot off of the spending pedal, or will she continue to tax away American jobs – including her own?