Martinez: Demise of Death Tax Long Overdue

MARTINEZ: DEMISE OF DEATH TAX LONG OVERDUE

Senator disappointed that opponents used procedural maneuver to block vote to permanently repeal tax

U.S. Senator Mel Martinez (R-FL) today voted in favor of moving to permanently repeal the estate tax, calling it unfair, onerous, and anti-growth for the U.S. economy. By a vote of 57 to 41, the Senate was blocked procedurally from moving to a final vote to repeal the tax. Removing the procedural hurdle required 60 votes.
"This is an unfair tax and a disincentive to entrepreneurs who want to pass their family-owned businesses on to the next generation," said Martinez. "It's long overdue that we give people certainty about the fate of the death tax and my preference is that we repeal it permanently. As it stands after today's vote, this tax will be fully reinstated in 2011."

The Economic Growth and Tax Relief Reconciliation Act of 2001 provided well timed and much needed tax relief to the American people, shortening and shallowing the recession and strengthening the foundation for a lasting recovery. A key element of this relief was the phased-out elimination of the death tax.


"Permanent repeal of the death tax would help thousands of families with small businesses, farms, and ranches to thrive and continue creating and adding jobs to our economy. I look forward to revisiting this issue and bringing a measure of fairness to this area of our tax code," Martinez concluded.

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