HALL VOTES TO PERMANENTLY REPEAL THE "DEATH TAX"; SUPPORTS TAX RELIEF AND REFORM
April 13, 2005
WASHINGTON, D.C. ...Today, Rep. Ralph Hall (R-Rockwall) voted to permanently repeal the estate tax, also known as the "death tax." Hall cosponsored the bill that passed the House and will now move to the Senate.
"I am pleased that the House voted to repeal this unfair and complicated tax," Hall said. "Without permanent repeal, the tax relief that we provided in 2001 would sunset in 2010, jeopardizing the financial health of many small businesses and family farms."
"Families in America should not have to shoulder exorbitantly high rates of taxation-in some cases 60%--simply because of a death. People have built up a lifetime of savings to pass on to the next generation, and we should protect their right to do so," Hall stated.
Recently, the Joint Economic Committee noted that the "death tax" reduces the stock in the economy by $497 billion, or 3.2%. "In an era of budget tightening, we need to do more to encourage savings and investment, and this bill moves us in the right direction," Hall explained.
Beyond repeal of the "death tax," Congressman Hall is a strong proponent of reforming the tax code. He is a cosponsor of several bills that provide fundamental tax reform, including the Freedom Flat Tax. This measure amends the Internal Revenue Code to allow individuals to opt into a system that establishes a flat wage tax.
"On April 15-tax day-we are reminded that our system of taxation is far too burdensome and intrusive. We need to develop an alternative that is fairer and simpler and that reduces the burden on taxpayers," Hall said. "I believe changes in our tax system will encourage savings and investment, as well as bring fairness to the tax code."
Hall is also a cosponsor of a bill to allow a permanent sales tax deduction. "Last year, I joined with our Texas Senators, Kay Bailey Hutchison and John Cornyn, and Members of Congress from Texas, Tennessee, Wyoming, South Dakota, Nevada, Washington, and Florida to push for the inclusion of the language in the final House-Senate Conference Committee report on the American Jobs Creation bill," Hall said. "That provision restored the state sales tax deduction for two years, and while that is a step in the right direction, we need to go further and make this a permanent part of our tax system."
"A permanent state sales tax deduction will go a long way towards providing tax relief to Texans who are unfairly burdened with paying a greater share of Federal taxes simply because they live in a state with no income tax."