Dr. Coburn Votes to Eliminate the Death Tax
Calls death tax a double tax, double insult
U.S. Senator Tom Coburn, M.D. (R-OK) released the following statement today about his vote to eliminate the estate tax, or death tax, after the measure was defeated by procedural maneuver. By a 57-to-41 vote, the Senate rejected a motion to invoke cloture, or end debate, on the Death Tax Relief Bill (H.R. 8) and allow for a straight up-or-down vote.
"The death tax is perhaps the cruelest of all taxes because, in many cases, it confiscates a family's property in a time of mourning, and need. For Oklahoma's farmers and ranchers, in particular, the death tax is an unfair double taxation. The assets produced, earned, or acquired or during a person's life span have already been taxed once. A double-tax at death does nothing but punish family members for their loved one's lifetime of hard work and stewardship. I'm disappointed the Senate today chose not to protect small businesses and hardworking families by eliminating this immoral and burdensome tax," Dr. Coburn said.
"Those who defend this immoral tax on the basis of preserving the flow of revenue to the treasury should instead cut back on the practice of pork-barrel spending and other forms of wasteful spending the American people loathe," Dr. Coburn added.
Congress spent $64 billion on pork projects in 2006, according to the Congressional Research Service. Moreover, oversight hearings in the Federal Financial Management Subcommittee chaired by Dr. Coburn have discovered more than $200 billion in waste, fraud and duplication in the federal budget. At the same time, the death tax will bring in an expected $28 billion in revenue this year.
"Taxpayers should ask every Senator who voted to preserve this tax what they are doing to solve our real budget problem, which is Congress' addiction to spending and aversion to oversight. Continuing the death tax is not only a double tax, but a double insult to the taxpayers. One insult is the tax itself; the other insult is our claim that we need death tax revenue to build monuments to our re-election campaigns called pork," Dr. Coburn said.