U.S. Congressman Rick Allen (R-Ga.-12) today praised passage of H.R. 1105, the Death Tax Repeal Act of 2015, in the House of Representatives. The legislation permanently repeals the unpopular estate tax, also known as the “death tax.” Allen was a cosponsor of the measure and released the following statement upon the bill’s passage:
“The death tax is one of the top concerns I hear from family farmers and small business owners in the 12th district. It wrongly punishes people who have spent years working to grow and maintain a business or a farm and want to pass that business on to the next generation. Not only have many family businesses been forced to close altogether as a result of this incredibly high tax rate, but the costs and resources associated with planning for the death tax have prevented growth and investment and caused business owners to cut back on hiring. Death should not be a taxable event, and by repealing the unfair death tax, we can protect the American dream for hardworking families and remove one more tax burden hurting our economy. I hope the Senate will quickly pass this legislation so we can eliminate the death tax once and for all.”
The Death Tax Repeal Act of 2015:
· Fully repeals the estate tax and generation-skipping transfer taxes for all future transfers, allowing families to keep their lands and businesses.
· Permanently lowers the maximum gift tax rate from 40% to 35%.
The estate tax is a 40% tax on an individual’s transfer of an estate, often a small business or family farm, to the next generation at the time of his or her death.