In response to the Senate’s failure to kill the “Death Tax”, on June 7, 2006, George Allen vowed to continue fighting to give the “Death Penalty to the Death Tax,” explaining that it puts a heavy burden on individuals, families, and small businesses “who are the owners of their property, not the government.”
“When I travel throughout Virginia and meet with individuals and families who own small farms, growing and thriving businesses—the real strength of America—people recognize that this is an unfair tax. The reality is that in this country when people earn money they are hit with an income tax. When they invest their savings they pay tax on dividends and interest. When they sell an asset they pay a capital gains tax. When they buy something they pay a sales tax. The government taxes you to death and then they want to tax you when you die. I don’t think the IRS ought to be hovering around like a bunch of buzzards at the funeral of our loved ones,” stated Allen. “This was an important vote to see where Senators stand and I am going to keep fighting to kill the death tax once and for all.”
George Allen believes the American Dream includes the ability and freedom to pass along your hard-earned assets, including a small business or farm, to your children. Foremost, Allen believes that Washington should not be standing in the way of entrepreneurs and innovators, who rely on a consistent, predictable tax system, from creating jobs, expanding opportunity, and spurring economic growth. In an encouraging sign, last year, Washington agreed to a temporary and limited relief from the death tax through 2012 by lowering the tax rate to 35% and exempting estates under $5 million.
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