Today, Congressman Mike Conaway (TX-11) issued the following statement after the U.S. House of Representatives passed H.R. 1105, the Death Tax Repeal Act of 2015, authored by fellow Texan Rep. Kevin Brady (R-TX):
"As a CPA, I know from experience that the Death Tax hurts individuals who have worked hard and saved all of their lives in order to build up a nest egg for themselves and their families. Farmers and ranchers are hit especially hard, because their assets are primarily land and equipment. When a farmer or rancher passes away, even though he has already paid taxes on everything he owns, the sons and daughters who want to carry on the family tradition will first have to get over the hurdle of a whopping tax penalty that can reach as high as 60 percent. The death tax hurts not only that next generation of farmers and ranchers, but it hobbles an important sector of our economy that creates economic activity and jobs. A repeal of the death tax is long overdue.”
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Permalink99.8 percent of estates owe no estate tax at all. Only the estates of the wealthiest 0.2 percent of Americans, roughly 2 out of every 1,000 people who die owe any estate tax. This is because of the tax’s high exemption amount, which has jumped from $650,000 per person in 2001 to $5.43 million per person in 2015. Thus it is misleading, on the part of Rep. Conaway, to characterize the tax as the “death tax”. Rather an estate tax repeal, yielding a massive windfall for those heirs, could be more appropriately called the Paris Hilton tax cut.
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