Issue Position: Taxes - Death Tax Repeal
Under provisions of the 2001 tax relief bill, the death tax will be completely phased out by January 1, 2010. However, because of a sunset provision in the Act, it will be reinstated after December 31, 2010.
I have always supported repealing federal estate and gift taxes, and I will continue to support any and all efforts to do so. Taxpayers scrimp and save their entire lifetimes only to discover that their estate could be subject to taxes as high as 55%. This is simply unfair.
During the 110th Congress, several amendments have been offered regarding this issue. On March 23, 2007, the Senate considered S.AMDT.578, which sought full repeal of the death tax. This amendment failed by a vote of 44-55. Then again, on March 13, 2008, the Senate considered S.AMDT.4191, which sought to protect small businesses, family ranches and farms from the death tax by providing a $5 million exemption, a low rate for smaller estates and a maximum rate no higher than 35 percent. This amendment failed as well.
I supported these efforts and continue to support full repeal of death and gift taxes. I believe these efforts should be viewed as part of a larger effort to provide tax relief to the American people. Rest assured, I will keep your thoughts in mind should Congress consider relevant legislation in the future.