Congresswoman Ileana Ros-Lehtinen has joined members of both parties in cosponsoring Congressman Kevin Brady's Death Tax Repeal Act (H.R. 2429) which was recently reintroduced. The Death Tax Repeal Act will completely repeal this onerous tax and had the support of the majority of House members in the last Congress
Ros-Lehtinen is a longtime supporter of this proposal which will free American families, farmers, and family owned small businesses from the shadow of this tax on inheritance.
The Death Tax is still the number one reason family farms and businesses aren't passed down to the next generation. It's the wrong tax and hurts the wrong people at the wrong time during this period of continued economic stagnation.
Not only does the Death Tax raise only a small amount of revenue, it also harms economic growth by discouraging savings and investment. According to the Tax Foundation it cost families $88.2 million and 2.3 million hours to comply with it in 2005.
The Death Tax Repeal Act is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Federation of Independent Business, 60 Plus Association, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, and the Family Business Coalition
Said Ros-Lehtinen, "I am proud to once again support this much needed bill which should be the number one ítem on our tax reform agenda this year. As unemployment is still far too high, we must do all we can to remove taxes that harm families, farms and small businesses. It will greatly benefit the South Florida community at this critical time."