Labrador Wins Endorsement From Group Seeking Repeal of Death Tax

Posted on Aug 18, 2010

Dan Popkey writes in the Idaho Statesman:

State Rep. Raul Labrador has signed the American Family Business Institute’s “Death Tax Repeal Pledge” and committed to voting for permanent repeal of the federal estate tax, often called the “Death Tax.”

AFBI’s President Dick Patten said in a news release from the group: “By supporting estate tax repeal, Labrador will help save local jobs and businesses.”

The group of farmers and business owners says repealing the tax would add 1.5 million jobs.

In 2009, the tax was collected on estates valued over $3.5 million. This year, the tax has been suspended, but unless Congress acts, the tax will be collected on estates valued at $1 million or more in 2011.

In a case of assets owned by a husband and wife, tax may not be collected until the estate’s value reaches twice those figures, if the couple does proper planning.

Members of Congress are discussing raising the threshold to somewhere between $3 million and $5 million, but no consensus has been reached.

“Labrador has been a strong advocate for permanently repealing this unfair double tax. He understands that the Death Tax penalizes family farmers and business owners when they die,” Patten said. “I’m encouraged that he has committed to taking a more active role in the repeal fight. With the economy in the midst of a prolonged recession, we need to be helping family businesses and farmers, not hitting them with an additional tax.”

All pledge signers can be found on AFBI’s interactive, online map available at their website here: http://www.nodeathtax.org/map.