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Governor Vows to Keep Death Tax Alive

Governor Mark Warner (D) announced today that he will fight the phaseout of Virginia's Death Tax, which passed both Houses of the General Assembly by veto-proof margins.

Finally, it’s extremely disappointing that this session of the General Assembly decided to make its signature issue the repeal of the estate tax. At a time when we’re asking young people to pay hundreds of dollars more in tuition . . . when the poor and elderly are having important social services curtailed . . . when we are reducing the hours at parks, museums, DMVs and other state facilities . . . and at a time when we have failed to complete car tax relief or food tax relief, the General Assembly has elected to give a new tax break to the wealthiest Virginians.

They are wrong.

This year, those "wealthiest Virginians" include the families of anyone who dies with an estate of $1 million or more. That means an awful lot of middle-class families who own a house in Northern Virginia, and have a 401(k) and a bit of term life insurance, will get socked by the Death Tax should they be unlucky enough to meet the Grim Reaper.

And the Governor's - and the Virginia Democrat Party's - largest contributors may not be pleased about being denied Death Tax relief - assuming he can switch enough votes, an unlikely prospect.

The General Assembly is right. The Death Tax should die, the sooner the better.