Fitzpatrick Votes to Lower Taxes on Small Businesses and Family Farms

Fitzpatrick Votes to Lower Taxes on Small Businesses and Family Farms

Today, Congressman Michael G. Fitzpatrick voted to permanently repeal the estate tax for thousands of American small business owners and family farmers. H.R. 5638, the "Permanent Estate Tax Relief Act" would exempt individuals, businesses, farmers and ranchers from the tax if their estates are valued under $5 million. The House passed the legislation with bipartisan support by a vote of 269 to156 (Roll Call 315).

"Dying should not be a taxable event," Fitzpatrick stressed. "The estate tax punishes years of hard work and robs families of part of their heritage by imposing a huge penalty on inheritance after death - a tax on money that has already been taxed. The creation of this exemption will cover nearly all small businesses and family farms across the country; protecting them from the devastating effects of this tax."

Last April, the House passed H.R. 8, the "Death Tax Repeal Permanency Act of 2005" by a vote of 272-162. Fitzpatrick supported and voted for this legislation, which failed when the Senate did not act on the measure. Today's legislation creates an exemption that is focused on Americans hit hardest by this destructive tax.

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"This legislation puts another nail in the coffin of the death tax," Fitzpatrick said. "America's family farms, families and small businesses will no longer need to worry about how to plan the transition of their business or estate to their children. Farmers will no longer weigh between keeping their farm open or selling it off for development to stave off the death tax."

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"This is a pro growth, pro family vote and I am proud that it received bipartisan support," Fitzpatrick concluded.

http://fitzpatrick.house.gov/News/DocumentSingle.aspx?DocumentID=45955