Commits to Fight for Repeal in Congress

WASHINGTON, DC–Washington’s Second Congressional District candidate John Koster signed the American Family Business Institute’s (AFBI) “Death Tax Repeal Pledge” at a press conference today.  The event was hosted at Morrison Farms (Mount Vernon, WA). 

By signing the pledge, Koster commits to vote for permanent repeal of the Federal Estate Tax, commonly referred to as the “Death Tax.” 

AFBI’s President Dick Patten praised Koster for signing the pledge, saying “By supporting estate tax repeal, Koster will help save local jobs and businesses.”

A recent study from the American Family Business Foundation, AFBI’s research and education arm, found that repealing the Death Tax would increase nationwide employment by 1.5 million jobs.  In Washington alone, repealing the Death Tax would add nearly 34,000 new jobs.

“Koster has been a strong advocate for permanently repealing this unfair double tax.  He understands that the Death Tax penalizes family farmers and business owners when they die.  I’m encouraged that he has committed to taking a more active role in the repeal fight,” Patten added.  “With the economy in the midst of a prolonged recession, we need to be helping family businesses and farmers, not hitting them with an additional tax.”

The estate tax is a tax on the net value of a decedent's estate, including all personal and business assets, before distribution to their heirs.  Because business assets are included, the Estate Tax hits family business owners and farmers – the engines of economic growth -- particularly hard. 

The Federal Estate Tax has expired for one year in 2010, but will return at a 55 percent rate on all assets over $1 million in 2011 unless Congress acts first.  Most political observers expect a heated legislative battle over the tax this year. 

The American Family Business Institute is a national, non-partisan organization of farmers and business owners who are committed to permanent repeal of the Death Tax. 

Arlington, WA. - July 22, 2010 - Rick Larsen recently voted for the Dodd-Frank Act, an over-reaching, big-government regulatory law that encroaches in every aspect of the financial sector and will likely open the door for permanent taxpayer-funded bailouts for Wall Street and limit consumer's access to credit.

John Koster commented, "Rick Larsen is at it again. The Dodd-Frank Act is a bill drafted by career politicians who have never created a job. This legislation will hurt hard-working Washington families and small businesses because it over-reaches and fails to adequately reform the main cause of the housing meltdown-Fannie Mae and Freddie Mac. Also, instead of addressing the problems of the big banks that Rick Larsen already bailed out, this bill makes all financial companies, even local regional banks who have responsible business practices, shoulder the costs of increased burdensome regulation."

Koster continued, "This bill is bad for our economy and does not help our hard-working families at all. It will hurt access to credit for our small businesses who want to expand and hire new people. It also increases the likelihood of future bailouts and it gives the same bureaucratic regulators that failed to oversee financial markets, and subsequently oversaw the consequential financial meltdown in 2008, unprecedented power."

Koster concluded, "Rick Larsen bailed out the big banks, increased our debt, ballooned the deficit, and has destroyed our economy. Throughout this recession, Rick Larsen has proved time and again that he is more interested in growing government than he is in growing jobs."

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Washington, D.C. - July 21, 2010 - Today, the National Republican Congressional Committee (NRCC) announced that the Koster for Congress campaign has reached 'Contender' status in its Young Guns Program. The Young Guns Program is an organization run by members of Congress and dedicated to electing open-seat and challenger candidates across the country. By reaching 'Contender' status, the Koster campaign has proven its ability to build a successful and competitive campaign.

John Koster commented on the recognition, "I am honored that our campaign has reached 'Contender' status. Since we kicked off this campaign in January, we have reached all of our incremental goals, and it is great to be recognized by the campaign committee for our efforts. This campaign has been a complete grassroots movement made up of hard-working people who have had enough of wasteful spending, sky-rocketing debt, and double digit unemployment. As we forge ahead over the next three months, we will strive to accomplish our main goal, defeating Rick Larsen and getting our country back on a path fiscal responsibility."

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