Boozman Votes To Repeal Death Tax
U.S. Representative John Boozman (R-AR) today reaffirmed his support for a permanent repeal of the death tax.
Boozman voted to repeal the death tax through 2011 and opposed legislation that reinstates the death tax at 45 percent with a $3.5 million exemption that would NOT be indexed for inflation, which means that it will gradually hit more and more families and businesses.
"Death shouldn't be taxable. It should not force the sale of family farms or the closure of small businesses. Unfortunately these are both realistic under Speaker Pelosi's proposal. Hardworking Americans should be allowed to pass along the results of their success, which they were already taxed on during their lifetime, to their families without having to pay the IRS. Allowing the existing tax cuts to expire is a tax increase and is not something Washington should impose on hardworking Americans, especially in this economic climate. We need to create policies that allow us to keep the money we earn and not spend time discussing how to take more wages from taxpayers," Boozman said after opposing the collection of a federal Estate Tax.
Before 2001, the top death tax rate was 55%. In 2001, Congress enacted the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), which gradually reduced the top death tax rate, as well as gradually increased the value of the exemption from the tax. Today, the death tax has a top rate of 45% and an exemption of $3.5 million. Next year, the death tax is scheduled to be repealed. According to the Congressional Research Service, revenues resulting from the death tax have made up less than 1.5% of federal receipts in each of the last ten years.