According to the Lexington Herald Leader, U.S. Senate candidate Jack Conway has joined President Obama and liberal Democrat allies in Washington by calling for a massive tax increase beginning next year by reinstituting the Death Tax, which had been repealed during the Bush Administration.
This tax is one of the most egregious and vile federal taxes, and any attempt to reinstate it should be stopped. Rand Paul has signed a formal pledge offered by the American Family Business Institute to keep the Death Tax from coming back from the grave.
"Before it was phased out, Americans had the displeasure of paying the IRS for the act of dying. Make no mistake, we are taxed to death during our lifetimes -- income taxes, sales taxes, property taxes, the list goes on," said Dr. Paul this morning.
"Every single dime you have when you die has already been taxed at least once and probably more. To then subject your death to an additional tax is wrong, Jack Conway and President Obama's plan is wrong, and I won't stand for it."
The Death Tax disproportionately harms small businesses and farmers, since the tax isn't just on your savings, but also on any business and property you are trying to pass along to your family.
The Death Tax leads to businesses being sold, farms being lost and jobs going away. Millions of dollars in entrepreneurial capital is instead sent to the government. In these tough times, we should not be raising taxes. And, we certainly should not be increasing them on the small businesses that create jobs.
"President Obama and Jack Conway are just wrong. We should not be raising taxes on anyone, especially during a recession. And, we shouldn't be trying to decide what rate the Death Tax should be, we should instead be keeping it where it is -- zero."