Double Taxed

Fighting to end destructive double taxation

  • Authors

  • Enter your email address to subscribe to Double Taxed and receive notifications of new posts by email.

    Join 6 other followers

  • Navigation

Posts Tagged ‘Jim DeMint’

DeMint Amendment Would End Death Tax

Posted by Brian Garst on June 10, 2011

Senator DeMint is proposing an amendment that would eliminate the death tax. The death tax repeal is being included in an amendment that also ends ethanol mandates. According to DeMint’s office:

“Unfortunately, Washington’s bad ethanol policies don’t end with just subsidies and tariffs, we must also repeal the mandate, which my amendment would do,” said Senator DeMint, whose amendment will also permanently repeal the death tax.  “The best way to help family farmers is not with mandates, subsidies, and protective tariffs.  We can help farmers and stimulate the economy by repealing the unfair death tax, which cripples family farms and small businesses all over this country.”

In the previous Senate, and due to Majority Leader Harry Reid’s obstinance, DeMint was forced to use a procedural move – which would have required 67 votes – in an effort to prevent the death tax from returning for 2011. It didn’t matter really matter, though, as only 39 Senators supported the bill. That number will certainly increase with the new Senate, but it will still require some who previously voted down the idea to change their minds in order for DeMint’s new amendment to pass.

 

Advertisements

Posted in Death Tax | Tagged: | Comments Off on DeMint Amendment Would End Death Tax

Senator DeMint Seeks to Force Death Tax Vote

Posted by Brian Garst on July 20, 2010

We recently praised Senator DeMint for his efforts on capital gains and dividends.  Now, he’s promising an effort to force a vote this week on permanently eliminating the death tax.

“The death tax kills jobs, hurts small businesses, destroys family farms and President Obama’s plan to hike it from zero percent  to 55 percent next year is unconscionable,” said Senator DeMint. “The death tax is an unfair, immoral double tax on property and assets that folks have already paid taxes on throughout their lives…”

The death tax continues to feature prominently in the news.  In addition to Senator DeMint’s efforts, Nevada Senate candidate Sharron Angle will hold a press conference with the American Family Business Institute, a Working Group member, on July 22nd to announce her signature of the AFBI’s “Death Tax Repeal Pledge.”  AFBI has an interactive map tracking the over 300 candidates which have already signed the pledge.

Here are some other mentions of the death tax in the news:

Posted in Death Tax, Legislation | Tagged: , , , | 1 Comment »

Working Group Letter Thanks Senator DeMint

Posted by Brian Garst on July 6, 2010

Last week the Double Taxation Working Group sent a letter to Senator DeMint thanking him for his leadership on tax issues.   His proposed amendment would have made permanent the current 15% rates on capital gains and dividends.

Sixteen members of the Working Group signed on to the letter, which can be found here.  Here are a few quotes from Working Group members:

Andrew Quinlan, President of the Center for Freedom & Prosperity Foundation:

    “Although his legislation failed to pass, Senator DeMint has demonstrated that he is willing to lead on this crucial issue.”

Dan Mitchell, Senior Fellow, Cato Institute:

    “Many of America’s major trading partners have no capital gains tax because policy makers in those jurisdictions understand the importance of saving and investment. Unfortunately, class-warfare concerns trump growth for many American politicians.”

Duane Parde, President of the National Taxpayers Union:

    “Washington already sent the wrong signal to a fragile economy by enacting a health-care law that will eventually raise the top tax rate on desperately needed investment activity. This is just one more reason why Senator DeMint’s efforts to keep capital gains taxes from rising further are so vital to a sustainable recovery.”

Grover Norquist ~ President, Americans for Tax Reform:

    “The capital gains tax should be ‘zero’. There should not be any redundant layers of tax on savings. But at the very least, the 15 percent rate should not go up. Unfortunately, that’s exactly what Obama and Congressional Democrats propose to do in January.”

Karen Kerrigan, President & CEO, Small Business and Entrepreneurship Council:

    “Senator DeMint’s leadership on this issue is greatly needed. Taxes on capital and savings harm small businesses, which rely heavily on investments to create jobs.”

John Berlau, Director, Center for Investors and Entrepreneurs, Competitive Enterprise Institute:

    “A capital gains tax hike will especially hurt small entrepreneurs with innovative ideas. Investors are much less likely to risk their money on the startup that could be the next Google or Facebook if the government takes more of their return should the venture be successful. “

James L. Martin, Chairman, 60 Plus Association:

    “Dividends are an important source of income for seniors.  Senator DeMint agrees with 60-Plus, as we are both committed to preventing seniors from being hit with an unnecessary tax increase on a key part of their livelihood.”

Larry Hart, Director of Government Relations, American Conservative Union:

    “The failure of the economic policies of this Congress and the Obama Administration is now becoming evident in the pathetic private sector employment figures. As the American public becomes aware of this coming body blow to the economy in the form of higher taxes, the grass roots revolt we have seen so far will pale by comparison.”

Posted in Capital Gains Tax | Tagged: , , , | 1 Comment »

DeMint Amendment Falls Short

Posted by Brian Garst on June 24, 2010

DeMint’s amendment to prevent the current rate on capital gains and dividends from increasing to 20 percent at the end of the year fell well short on Wednesday.  The only party defectors in the 40-57 defeat of the amendment were Democrat Ben Nelson, who supported the measure, and Republican George Voinovich, who opposed.  In a  press release, DeMint’s office said, “The failure to pass Senator DeMint’s amendment could threaten more than 680,000 jobs over the next two years, reduce family incomes by over $1600 by 2012, and lead to cuts on the income of seniors that depend on dividend payments in retirement.”

While some surprising countries are taking giant steps forward on this issue, it is unfortunate that America seems intent on stepping backwards, especially at a time already fraught with economic uncertainty.

Posted in Capital Gains Tax, Legislation | Tagged: | Comments Off on DeMint Amendment Falls Short

Senator DeMint Fights Against Tax Increase on Capital Gains and Dividends

Posted by Brian Garst on June 22, 2010

In today’s political climate of big government, big spending and big taxes, it’s important to recognize when someone in Congress stands up and gets it right.  Senator Jim DeMint did just that recently when he proposed an amendment, to the current tax extenders bill being debated, that would permanently extend the Bush tax cuts on capital gains and dividends.

While describing his amendment on the Senate floor (video), DeMint cited research from the Heritage Foundation which found that failing to prevent the impending increase would “drive investment abroad.”  He also discussed the issue with Neil Cavuto:

We should thank Senator DeMint for leading on this important issue.

Posted in Capital Gains Tax, Legislation | Tagged: | Comments Off on Senator DeMint Fights Against Tax Increase on Capital Gains and Dividends