Today, Congressman Bob Latta (R-Bowling Green) introduced a bill to permanently repeal the estate tax and ensure that individuals are not taxed on the increased value of an estate by retaining the stepped-up basis at death.
"Our nation was founded on the belief that through hard work, an individual can create an inheritance for future generations. The estate tax, also known as the death tax, punishes the efforts and investments that hardworking taxpayers have made during their lifetime. Many families are forced to sell off land, equipment and assets in order to pay the tax," said Congressman Latta. "Permanently eliminating the estate tax is an important step in ensuring that our small businesses and farmers, which are an essential part of Ohio's economy, can grow and prosper into future generations."
Currently the top estate tax rate is set at 40 percent, with an exemption of $5 million, indexing that exemption amount to inflation. The estate tax is a federal tax levied against the assets of a person's estate when they pass away.