Bill eliminates death tax, helps families keep businesses, farms
WASHINGTON- The United States House of Representatives passed HR 8, the Death Tax Elimination Act of 2001, today by a vote of 274-154. The bill enjoyed broad bipartisan support, with 217 Republicans and 56 Democrats voting in favor of it.
Grover Norquist, president of Americans for Tax Reform, issued the following statement on the House\’s passage of the Death Tax Elimination Act:
"Today, the House voted to abolish the onerous and unfair estate tax, or more appropriately, the death tax, since that is what it does: tax the death of a loved one.
"Last year, similar legislation passed both the House (279-136) and Senate (59-39) with broad bipartisan support, but was ultimately vetoed by President Clinton. This year, we expect President Bush to sign this death tax elimination legislation. That means family owned businesses and farms can remain just that: family owned.
"The death tax forces the survivors of business and farm owners to sell off part or all of the business to pay the death tax.
"The Death Tax is the most painful, emotionally wrenching tax in America. It taxes money that has already been taxed at least once. It forces Americans to pay for the death of a loved one while trying to cope with the devastating loss of that loved one. The death tax is egregious, onerous, and heinous and it must be stopped. And this year, it will be stopped."