Tuesday, August 3, 2010

U.S. Senate Candidate Ken Buck Signs Death Tax Repeal Pledge

Commits to Fight for Repeal in Congress

WASHINGTON, DC– U.S. Senate candidate Ken Buck has signed the American Family Business Institute’s (AFBI) “Death Tax Repeal Pledge.” By signing the pledge, Buck commits to vote for permanent repeal of the Federal Estate Tax, commonly referred to as the “Death Tax.”

He joins Senate candidates Jane Norton and Robert Greenheck, M.D., who signed the pledge earlier. All Colorado pledge signers can be found on AFBI’s interactive, online map available at their website here: http://www.nodeathtax.org/map.

“Supporting estate tax repeal will help save local jobs and businesses,” said AFBI’s President Dick Patten.

A recent study from the American Family Business Foundation found that repealing the Death Tax would increase nationwide employment by 1.5 million jobs.

The estate tax is a tax on the net value of a decedent's estate, including all personal and business assets, before distribution to their heirs. Because business assets are included, the Estate Tax hits family business owners and farmers – the engines of economic growth -- particularly hard.

The Federal Estate Tax has expired for one year in 2010, but will return at a 55 percent rate on all assets over $1 million in 2011 unless Congress acts first. Most political observers expect a heated legislative battle over the tax this year.