Virginia Governor is threatening use of veto power to resurrect death tax
Washington – Americans for Tax Reform (ATR) President Grover Norquist called on Governor Mark Warner today to support the elimination of Virginia\’s Death Tax. Both houses of the Virginia legislature passed the repeal of the Death Tax with large bi-partisan majorities.
Norquist\’s comments followed a meeting in Washington with the bill\’s co-chief sponsor, Delegate Bob McDonnell (R-Virginia Beach). McDonnell, who is Assistant Majority Leader and Chairman of the Joint Subcommittee to Study and Revise Virginia\’s Tax Code, has haggled with the Governor and other Democratic leaders over the recently passed bill.
Warner has been threatening to veto the death-tax elimination legislation because he needs the added revenue to fund his habitual overspending. Despite Congressional legislation in 2001 that is phasing out the federal death tax, if Warner vetoes the bill, Virginians "will continue to pay the state\’s version of the tax – a tax equal to as much as 16 percent of one\’s estate," noted McDonnell. "President Bush is right when he says that the most effective way to get our economy going again is to reduce the tax burden on hard-working Americans."
Grover Norquist noted, "If Virginia remains among the minority of states levying the confiscatory Death Tax, it is clear it will lose taxpaying families and job-producing businesses to other states that have eliminated their Death Tax. It is time for Governor Warner to join Delegate McDonnell and a strong bi-partisan majority of both houses of the General Assembly in supporting the elimination of the tax."