ATR Supports Legislation to Repeal the Death Tax
This month, the House Ways and Means Committee will consider H.R. 1105, the “Death Tax Repeal Act of 2015,” sponsored by Congressman Kevin Brady (R-Tex.). This legislation will put an end to the immoral practice of the federal government demanding hard-earned taxpayer money after a family loses a loved one. ATR supports this bill and urges all Members of Congress to support it.
H.R. 1105 will permanently kill the Death Tax. The Death Tax has a top federal rate of 40 percent on estates and the tax is a major reason that Americans are unable to pass along farms and small businesses to the next generation.
The Death Tax makes up a miniscule sliver of federal revenue and so repealing the tax will have an almost unnoticeable effect on the federal budget. In addition, a study by the Joint Economic Committee found that the Death Tax hurts economic growth and discourages savings and small business growth.
The Death Tax places an unfair and unnecessary burden on American families in the event of a tragedy. H.R. 1105 will repeal this ridiculous tax and help provide families peace of mind in a difficult time.