House Passes Bipartisan Repeal of Death Tax
WASHINGTON This morning, the House voted to permanently repeal the unnecessary and unfair death tax. This bill, authored by Congressman Kevin Brady (R-TX), will repeal the estate tax and the generation-skipping transfer (GST) tax for all future transfers. After the bipartisan vote, House Ways and Means Committee Chairman Paul Ryan (R-WI) issued the following statement:
“The death tax can be a nightmare for some Americansfrom family farmers to small- and minority-business ownerswho have worked hard to build something to pass on to their children. And when a family is dealing with the loss of a loved one, the last thing they should have to worry about is the federal government coming in and undercutting their livelihood. In the words of my friend Congressman Kevin Brady, this is the wrong tax at the wrong time, and it‘s hurting the wrong people.
“Though we should fix our tax code to make it simpler, flatter, and fairer to help build a healthy economy, the death tax is actually hurting our economy now and putting unnecessary pressure on families and small businesses. That‘s not how the tax code should work, and that‘s why we passed this bipartisan bill to permanently repeal the death tax. We have to keep advancing these kinds of reforms so we can give taxpayers the relief they deserve and hopefully one day re-write this broken, antiquated code.“