Washington, DC – Senator Ted Cruz has signed the Family Business Coalition’s Death Tax Repeal Pledge. The Death Tax Repeal pledge states: “I Hereby Pledge to Support Repeal of the Federal Estate Tax.” The pledge is a commitment to the American people that full elimination of the death tax will be a top policy priority for the incoming administration in 2016.
Senator Cruz first signed the pledge before his election to the Senate in 2012. Senator Cruz is the second announced candidate to sign the pledge this year. After signing the pledge, Senator Cruz stated:
“As a candidate for President, I am proud to sign the Family Business Coalition’s Death Tax Repeal pledge, assuring the American people that from day one I will fight for full and permanent repeal of this cruel and unfair tax. Americans should not spend their lives working, saving, helping to build businesses and create jobs just to see their life’s work stripped away by the IRS – even when they are no longer living. The death tax is one of the most unjust and economically damaging aspects of our shameful tax system. One of my first actions as a Senator was to cosponsor legislation to repeal the death tax. As President, my economic plan will scrap the death tax and replace the entire tax code with a simple, fair, single rate, with a tax return that fits on a postcard. The death of the death tax should include the demise of the corrupt, politicized bureaucracy that is our current IRS. Abolishing the death tax, the tax code, and the IRS will remove a source of injustice, economic burden, and danger to our freedoms. With a new tax system, now free of the death tax, we will clean out the Washington cartel culture, unleash an opportunity economy of jobs and growth, and re-ignite the promise of America.”
In 2012, every major candidate for the Republican nomination, including Governor Mitt Romney signed the Family Business Coalition’s Death Tax Repeal pledge. Past signers include Republican primary candidates Carly Fiorina, Newt Gingrich, Mike Huckabee, Rand Paul, Rick Perry, and Rick Santorum. The pledge has also been signed by nearly 150 Congressional leaders including Speaker John Boehner, Majority Leader Kevin McCarthy, Majority Whip Steve Scalise, Congresswoman Cathy McMorris-Rodgers, Senator John Thune, Democratic Senator Joe Manchin, and many more. The Family Business Coalition expects all serious Presidential primary contenders to sign the pledge again this 2016 election season.
In April, the Death Tax Repeal Act became the first death tax repeal bill to pass the House of Representatives in over ten years. The Death Tax Repeal Act, HR 1105, authored by Reps. Kevin Brady (R-TX) and Sanford Bishop (D-GA) passed the House with a bipartisan majority and is currently awaiting consideration in the United States Senate. In a statement of administration policy, President Obama threatened to veto the legislation.
“With the support of over 80 diverse organizations and advocacy groups, the Family Business Coalition plans to keep full repeal of the death tax as a top-tier election issue and achieve permanent elimination of the death tax under the next President” Palmer Schoening, Chairman of the Family Business Coalition said. “No one should have to visit the tax man and the grim reaper in the same day.”
A full list of current Death Tax Repeal Pledge signers can be found at: www.deathtaxrepealpledge.org
The Family Business Coalition is a diverse collection of organizations and industry groups united for the common purpose of protecting America’s family businesses across the country. Visit www.familybusinesscoalition.org.