Joel Hefley: “a family that has suffered a loss of a loved one should not have the added grief of losing the family business, ranch…”

“a family that has suffered a loss of a loved one should not have the added grief of losing the family business, ranch, or personal savings; yet that is what is happening under our current Tax Code. Because of an archaic tax law, when a person dies in this country, an outrageous tax of 37 to 55 percent is levied on his or her property, even though the deceased spent his or her entire life paying taxes on that very estate. The death tax is a form of double taxation that has devastated too many families and businesses. It has been estimated that one-third of small business owners will have to sell outright or liquidate a part of their business to pay death taxes. More than 70 percent of family businesses do not survive the second generation, and 87 percent do not make it to the third generation. In my district of Colorado Springs, a well-established family business had to close its doors in the face of an enormous estate tax bill. Small family-run businesses are the backbone of our Nation's strong economy and should not be forced to close down because of taxes. Mr. Speaker, I encourage my colleagues to support the Death Tax Elimination Act on this very day.”