Gibbons Votes To Support Nevada's Small Businesses and Repeal the Death Tax Permanently

Gibbons Votes To Support Nevada's Small Businesses and Repeal the Death Tax Permanently

4/13/2005

Washington, DC - Committed to supporting the small businesses, farms, and ranches that support Nevada's economy, U.S. Congressman Jim Gibbons (R-Nev.) today supported the Death Tax Repeal Permanency Act of 2005 which will ensure the repeal of the death tax as passed in 2001 is permanent beyond 2010.

"As I meet with small business owners across our state, they all express the same concern- that they may not be able to pass on their businesses or ranches to their children, unless the estate tax was permanently eliminated," Gibbons stated. "Hard-working Nevadans like Fred Fulstone the owner of F.I.M. Corporation, a ranch in Smith Valley, who inherited the ranch from his father decades ago, deserves the opportunity to pass it on to his daughter, Marianne."

"The death tax is simply one of the most unfair and onerous taxes in our nation," said Gibbons. "Nevadans pay taxes all of their lives on their businesses, and the death tax forces them to pay an additional tax when they die. It is a burdensome form of double taxation that hurts our small business owners, ranchers, and farmers the most."

"As I have always said, Nevadans should never have to worry that when they lose a family member they may also lose the family business, farm, or ranch. No one should ever have to visit the funeral home and the IRS in the same day," Gibbons added.

In a recent survey conducted by the National Federation of Independent Business (NFIB), 89% of small business owners favored permanent repeal of the death tax.

http://wwwc.house.gov/gibbons/display-pr.asp?id=1668