Obama Argues Against Repeal of the ‘Death Tax’
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Official White House Photo by Pete Souza(CHARLOTTE, N.C.) — At a town hall meeting in Charlotte, North Carolina, Wednesday, President Obama argued against a push by congressional Republicans to repeal the estate tax.
Republicans say the so-called “death tax” prevents small business owners and family farmers from passing on their businesses to their heirs, but Obama argues the estate tax only affects about 5,000 families and eliminating it would cost $270 billion.
Obama told those in attendance that the Republicans’ tax plan “would give the average millionaire and billionaire a $50,000 tax cut.”
“That’s about what the average middle-class worker makes in an entire year,” Obama added.
The president said the GOP plan “would cut taxes for the top 1/10th of one percent and let taxes go up on 25 million working families and students.”
The GOP-backed legislation is expected to pass the House this week. President Obama has threatened to veto the measure if it reaches his desk.
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