Veto bill that would provide tax relief to family-owned farms and small businesses
WASHINGTON- Today President Clinton vetoed the Death Tax Elimination Act, which would phase out the death tax over 10 years, ending the unfair tax on small, family-owned farms and businesses. The Death Tax Elimination Act passed the House and Senate overwhelmingly last month with wide bipartisan support.
During the veto ceremony President Clinton claimed repealing the death tax would bust the budget and benefit the very wealthy.
Grover Norquist, president of Americans for Tax Reform, issued the following statement responding to President Clinton\’s comments on eliminating the death tax:
"Nothing could be farther from the truth than President Clinton\’s claim that repealing the death tax would bust the budget and benefit the very wealthy. The fact is eliminating the death tax would allow the economy to grow at a faster rate, resulting in increased revenue for the government. Moreover, according to the Wall Street Journal, 200,000 extra jobs could be created each year with money that small family-owned farms and businesses currently spend on paying or preparing for the death tax.
"Furthermore, poll after poll demonstrates that the vast majority of Americans believe the death tax is bad for families and the nation\’s economy and that it should stopped immediately.
"We call on President Clinton and Vice President Gore to stop playing politics with people\’s lives and quit vetoing legislation that is taxpayer- and family-friendly.
"We implore all Congressman and Senators, Democrats and Republicans alike, who voted to eliminate the death tax to cast their vote once again to eliminate the death tax and try to override President Clinton\’s veto."