Dewhurst for Texas announced today that David Dewhurst signed the Death Tax Repeal Pledge, promising to support the permanent repeal of the federal estate and gift taxes. In signing the pledge, Dewhurst acknowledged that taxing family business owners and farmers at a punitive rate simply because they have died is unfair, unwise and only doubles or even triples taxes on Americans when they are already paying too much.
"I am fully committed to reducing taxes for Americans in the United States Senate, as I have done many times for Texas taxpayers as Lieutenant Governor," said David Dewhurst. "In today's economic times, reducing taxes and giving money back to the taxpayers is a top priority and the best solution for returning our country to prosperity and growth."
Currently, the estate tax rate is 35%, but it is set to return to 55% in 2013. By signing the pledge, sponsored by the American Family Business Institute, Dewhurst vows to support legislation permanently repealing this tax that hurts family business owners and farmers. By eliminating the death tax, jobs can be restored and America can take one step closer to economic recovery.
This pledge follows other pledges previously announced in which Dewhurst promised not to raise taxes and to protect the American Dream. Previous pledges that Dewhurst signed include the Americans for Taxpayer Reform Taxpayer Protection Pledge, committing to "oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses" and "oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates." Dewhurst also signed the Americans for Prosperity-Texas Defending the American Dream pledge, supporting fiscal discipline and small and accountable government, and the No Climate Tax Pledge, committing him to oppose any legislation relating to climate change that includes a net increase in government revenue.