Hawaii’s Second Congressional District Candidate John Willoughby Signs Death Tax Repeal Pledge
Commits to Fight for Repeal in Congress
WASHINGTON, DC– Hawaii’s Second Congressional District candidate John Willoughby has signed the American Family Business Institute’s (AFBI) “Death Tax Repeal Pledge.” By signing the pledge, Willoughby commits to vote for permanent repeal of the Federal Estate Tax, commonly referred to as the “Death Tax.”
AFBI’s President Dick Patten praised Willoughby for signing the pledge, saying “By supporting estate tax repeal, Willoughby will help save local jobs and businesses.”
A recent study from the American Family Business Foundation found that repealing the Death Tax would increase nationwide employment by 1.5 million jobs. In Hawaii alone, repealing the Death Tax would add over 7,000 new jobs.
“Willoughby 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. I’m encouraged that he has committed to taking a more active role in the repeal fight,” Patten added. “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.”
The estate tax is a tax on the net value of a decedent's estate, including all personal and business assets, before distribution to their heirs. Because business assets are included, the Estate Tax hits family business owners and farmers – the engines of economic growth -- particularly hard.
The Federal Estate Tax has expired for one year in 2010, but will return at a 55 percent rate on all assets over $1 million in 2011 unless Congress acts first. Most political observers expect a heated legislative battle over the tax this year.
All pledge signers can be found on AFBI’s interactive, online map available at their website here: http://www.nodeathtax.org/map.
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The American Family Business Institute, www.nodeathtax.org, is a national, non-partisan organization of farmers and business owners who are committed to permanent repeal of the Death Tax. The American Family Business Foundation is a think tank focused on questions about the federal estate tax and its impact on family businesses, farms, and the overall economy.
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