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Washington, D.C. - Today Congressman Kenny Marchant (TX-24) stood in support of permanent tax relief for American workers by co-sponsoring the Death Tax Repeal Permanency Act of 2005 (H.R. 8). The United States House passed the legislation, which extends the death tax repeal permanently beyond 2010, by a margin of 272-162.
"Death should not be a taxable event," said Marchant. "The death tax deters economic growth and places an unfair burden on our nation's economy. Permanent repeal of the Death Tax provides increased stability to the tax code and gives taxpayers the certainty they deserve."
The death tax was repealed until 2010 under the Economic Growth and Tax Relief Reconciliation Act of 2001. However, without this bill the death tax would be reinstated in 2011. Permanent repeal of the death tax will simplify tax laws. It will also allow taxpayers to make long term financial plans that are impossible to make under current stipulations.
The death tax has been estimated by the Heritage Foundation to cost the American economy between 170,000 and 250,000 jobs annually. Similarly, the Joint Economic Committee concluded that the tax reduces the stock in the economy by $497 billion, or 3.2%. Repeal of the death tax in 2001 has provided $1.35 trillion in tax relief for Americans thus far.
"The death tax is fundamentally unfair," said Marchant. "It punishes years of work and savings, undermines economic growth, and produces very little, if any, federal revenue.
"Repeal of the death tax has been integral to our nation's economic revival. It is important that we supplement, not hinder further efforts to expand the economy by providing American's with permanent tax relief. With April 15 fast approaching, I am proud to support a bill that puts the death knell in the death tax."
CONTACT:
Annie Christian
(202) 225-6605
annie.christian@mail.house.gov |
