Tax Reform Day 1: Death Tax Plan Falls Short

Seniors Group Chief Expresses Profound Disappointment

ALEXANDRIA, Virginia (November 2, 2017) – 60 Plus Chairman and Founder James Martin Thursday issued the following statement after the roll-out of the tax reform plan:

“The death tax has been a painful fixture of the tax code for the past century and now, we finally have a real chance of seeing it abolished. Doubling the exemptions and allowing for a phase out are considered by some as a step in the right direction, eventually leading to full repeal. Pigs fly too.

“Others note that cash registers of accountants and attorneys on K Street are prepared to ring up big bucks. Others, including this senior, recall that we traveled down a phase out path once before a treacherous path if you will. American farmers, ranchers and small business owners deserve a full and immediate repeal this year. Even with the increased exemptions they still don’t have access to capital in order to hire the aforementioned accountants and lawyers to set up trusts and other tax avoidance procedures.

“We know there’s a give-and-take involved in finalizing any complex piece of legislation and this bill is no different. We urge all Members of Congress from both parties to seek a full and immediate repeal of the death tax as part of tax reform. Repeated public opinion surveys show that a sizable majority of Americans believe the death tax is unfair, immoral and hurtful to families grieving the death of a loved one, and we again urge our congressional leaders to stand strong in support of its full repeal.
“However, at the end of the day we swallow hard and accept a half loaf.
“But 60 Plus strongly thanks House Ways and Means Committee Chairman Kevin Brady (R-TX) for his leadership and political acumen in dealing with so many factions within the GOP,” Martin emphasized.