“While I am very disappointed in the outcome of this vote, I am proud that I was joined by 273 of my colleagues” Representative Jones stated.  “The death tax is one of the most unfair, un-American taxes on the books today.  Death should not be a taxable event and we are not going to give up in our efforts.”
 
Today’s vote was an attempt to override Clinton's veto of the “Death Tax Elimination Act” (H.R. 8). The bill passed in June with 65 Democrats voting in favor. Within ten years it would repeal the estate, gift and generation skipping transfer tax. H.R. 8 would also simplify portions of the generation skipping transfer tax rules prior to repeal.

 “This tax has forced many family farmers and small business owners to sell some or all of their land or business,” Jones added. “Small business is the engine that drives our economy. The federal government should encourage the success of these businesses, not create obstacles for their existence.”

According to the National Federation of Independent Businesses (NFIB), more than 70 percent of small businesses do not survive the second generation and 87 percent do not make it to the third generation. Sixty percent of small-business owners reported that if estate taxes were eliminated they would create new jobs over the coming year.
 
 The bill has been referred to the Committee on Ways and Means for re-consideration.