On the recordJune 7, 2000
Woody Allen once said that ``death should not be viewed as the end, but as a very effective way to cut down expenses.'' Well, unfortunately, this maxim just does not hold true. Currently, at the time of death, Americans are assessed an additional tax on the value of their property known as the death tax. This added expense is why over 70 percent of the family businesses do not survive to the second generation. Mr. Speaker, it is simply shameful that the Federal Government requires an American to pay up to 60 percent of their savings, their businesses, or their farm in taxes when they die. Therefore, I encourage all of my colleagues to support H.R. 8 which will eliminate the unfair death tax over the next 10 years. Americans should not have to mourn the loss of a family, a business, or a farm in addition to the loss of a loved one. It is time to bury the death tax once and for all. ____________________
Source
govinfo.gov
