Florida Sen. Marco Rubio is the first presidential candidate in the 2016 race to sign a pledge to repeal the death tax.
The Republican signed his name on the Family Business Coalition's Death Tax Repeal Pledge,
which reads, "I Hereby Pledge to Support Repeal of the Federal Estate Tax."
Rubio signed the pledge on Saturday and the group announced the news on its website Tuesday.
"The death tax is morally wrong and devastates family-owned farms and businesses across the country," Rubio said. "I am proud to be the first presidential candidate to sign the Family Business Coalition's Death Tax Repeal Pledge and will keep fighting until this punitive tax is repealed in full."
Rubio first signed the pledge before he was elected to the Senate in 2010. During the 2012 presidential election, every major Republican candidate on the primary ballot signed the pledge to repeal the tax.
The Federal Estate Tax, known loosely as the death tax, "is a tax on your right to transfer property at your death," according to the IRS.
Starting this year, the law requires a filing if an estate is worth more than $5.43 million.
The tax rate can be as high as 40 percent.
In April, the House voted to repeal
the controversial tax, but there were not enough votes in the Senate to pass in that chamber. Further, President Barack Obama had promised to veto
any repeal of the tax that lands on his desk.
According to Forbes,
however, the House's passage of the repeal could lead to its potential repeal in 2017.
Palmer Schoening, Chairman of the Family Business Coalition, called Rubio a "champion" in regards to his efforts to reduce taxes.
"Senator Marco Rubio is a champion for easing the tax burden on family businesses and eliminating the economically destructive death tax," Schoening said.
"Senator Rubio has taken an important step in showing his support for repeal and this election season we will encourage other candidates to follow his lead. With the support of over 80 diverse organizations and advocacy groups, the Family Business Coalition hopes to keep full repeal of the death tax as a top-tier election issue and achieve permanent elimination of the death tax under the next president."
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