Congressmen Hope to Eliminate Death Tax, Save American Farmers

It’s a concern of farmers, ranchers and small business people all over the country; the death tax. With current tax rates set to expire at the end of the year and little to no movement in Congress, it’s become a near constant worry. Representative Kevin Brady of Texas sponsored the Death Tax Repeal Permanency Act – which now has 218 co-sponsors in the House – and has released an updated study proving how harmful and ineffective the Death Tax is from the Joint Economic Committee.

Senator John Thune of South Dakota has introduced a companion bill – the Death Tax Repeal Permanency Act of 2012 – in his chamber – and that bill has 37 co-sponsors. He says the report has added significance as the Senate considers a plan to expand the reach of the Death Tax…
 

“Their bill allows the death tax to revert to the pre-2001 levels. According to the joint tax committee, that proposal would hit 24 times more farms and 13 times more small businesses than current law does. So by going back to the pre-2001 levels of a million dollar exemption at 55% top rate, it means a huge impact on the very people out there in farm country who we really count on to keep this economy running.”
 

Scott Bennett is a full-time 3rd Generation Farmer in Virginia…
 

“I can speak with confidence for many other hard working American farmers and ranchers when I say that the Death Tax is crippling those of us that try so hard to put safe and reliable food on the dinner tables of this great country. I take great pride in working with my family every single day. Its sickening to think that the farm that my family has worked so hard for could be stripped from my hands because of an excessive tax on death.”
 

Small Business Owner Roger Goertz left corporate life to start his own business with his wife. Their dream is to pass their business on…

“Our dream, the American dream, was to build and establish a business that we could pass on to our next generation. This Death Tax is a weed in our landscape.”
 

Brady says the Death Tax fails on all fronts…

“By every measure the Death Tax has failed to achieve even the misguided goals that Congress originally set for it when it was established a century ago. It fails to generate efficient revenue. It fails to redistribute income or boost the economy. It fails to meet any basic standard of fairness.”

Brady says House leadership supports stopping the tax hike on the Death Tax that will occur at the end of this year as well as abolishing the Death Tax – but time is the challenge. He and his colleagues are hopeful they can make the case for a separate vote to abolish the Death Tax in the House and the Senate before the November elections.


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