Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional Delegation, is pleased to co-sponsor the Death Tax Repeal Permanency Act of 2009 (H.R. 205). Ros-Lehtinen believes that this tax negatively affects the economy and can leave family members of the deceased with large tax bills that result from years of hard work, saving and being thrifty.
Ros-Lehtinen is a strong supporter of tax relief for families' at all economic levels and considers the death tax to be detrimental to economic growth at a time of dismal economic performance.
The Death Tax Repeal Permanency Act of 2007 will expire in 2010, thus restoring a tax rate of up to 55%. The Death Tax Repeal Permanency Act of 2009 is targeted at keeping the current tax rate by not allowing the 55% rate to take effect in 2010.
The Death Tax Repeal Permanency Act of 2009 will help provide long-term financial support to individuals of all statuses. It will provide a more stable environment for family-owned businesses, in an economy where business growth is crucial to the survival of the private sector.
Ros-Lehtinen said, "I strongly believe the government should not tax us simply because our parents or grandparents saved their hard earned money and passed it down to us. I am pleased to be a cosponsor of this legislation, which provides tax relief for individual's at all economic levels. If Congress fails to pass this bill, there will be a restoration of a 55% tax on gifts, estates, and generational savings and that is bad for the economy and bad for the American taxpayer."