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Hulshof's Death Tax Repeal Bill Clears House

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Location: Washington, DC


HULSHOF'S DEATH TAX REPEAL BILL CLEARS HOUSE

A bill sponsored by U.S. Congressman Kenny Hulshof to permanently repeal the federal estate tax passed the U.S. House today by a 272-162 margin. In 2001, Congress passed a gradual phase-out of the Death Tax. However, the Death Tax is currently scheduled to spring back to life in 2011. Hulshof's bipartisan bill, H.R. 8, The Death Tax Repeal Permanency Act of 2005, eliminates the Death Tax once and for all.

WASHINGTON, D.C. - - A bill sponsored by U.S. Congressman Kenny Hulshof to permanently repeal the federal estate tax passed the U.S. House today by a 272-162 margin. In 2001, Congress passed a gradual phase-out of the Death Tax. However, the Death Tax is currently scheduled to spring back to life in 2011. Hulshof's bipartisan bill, H.R. 8, The Death Tax Repeal Permanency Act of 2005, eliminates the Death Tax once and for all.

"It's time for the Death Tax to die forever," stated Hulshof. "This unfair tax is punitive in nature and a tremendous burden on family farmers and small business owners. I am very pleased that we've taken this important step to reinstate fairness and certainty for those who are impacted by this job-killing tax."

Members of the Family Business Estate Tax Coalition, including the American Farm Bureau Federation, National Federation of Independent Business and Associated Builders and Contractors, have endorsed permanent repeal of the Death Tax. In all, over 50 trade groups representing workers, small business owners and farmers have endorsed permanent repeal.

The negative impact of the Death Tax is best measured by the countless number of families who pay thousands of dollars each year to accountants and lawyers in preparation for the tax.

"Not only does the Death Tax have a very real effect on taxpayers and their behavior, it has a negative impact on the economy," said Hulshof. "With a tax like the Death Tax, a family business or farm has no choice but to divert precious resources to plan financially for the potential impact of the tax. Money that could be used to expand a business or hire employees is instead used to lessen the bite of the Death Tax."

Legislation similar to Hulshof's bill awaits action in the Senate. Sens. Jon Kyl (R-AZ) and Bill Nelson (D-FL) are sponsors of that bipartisan legislation.

http://hulshof.house.gov/news.aspx?A=274

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