Long Votes to Repeal ‘Death Tax'

Press Release

U.S. Rep. Billy Long supported House passage of legislation to repeal the estate tax, commonly referred to as the "death tax."

"The House voted today to relieve Americans of taxation on a lifetime of hard work. Those planning to leave their estates with children and grandchildren should not have to worry about the government taxing life savings or spoiling longtime plans to better their families. The death tax especially affects small business owners and family farms, which are already saddled with tax and regulatory burdens. Doing well to secure our children and grandchildren's future is a classic American idea that the federal government should have never stepped on in the first place. I'm proud to vote yes and move to finally lay the death tax to rest," Long said.

Long voted in favor of the Death Tax Repeal Act of 2015, aiding the 240-179 vote to pass. The bill would repeal the estate tax and generation-skipping transfer tax, which automatically subjects the 40 percent estate tax to transfers more than a generation younger - such as grandchildren - after tax adjustments are applied. The 35-percent gift tax for property gifted from a living individual to another will remain in place.

The Death Tax Repeal Act is one of a number of banking, financial services, regulatory relief and tax bills the House of Representatives considered during the week of Tax Day. Other legislation passed by the House included a Taxpayer Bill of Rights, increasing Internal Revenue Service transparency and preventing IRS from discriminating against non-profit organization's tax exempt status based on political ideology.

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