On the recordApril 16, 2015
To paraphrase Benjamin Franklin, there are only two sure things in life: death and taxes. Unfortunately for Americans, the federal government has managed to combine the two into greater tragedy with the federal estate tax, more commonly known as the ``death'' tax. The death tax is a tax levied against property transferred at death to a person's heirs. This property is neither new income or newly acquired real estate or assets, but rather a simple transfer of ownership. Confusingly to most commonsense folks, this the federal government has already taxed this income. While there is an exemption of up to $5.43M, the death tax remains a growing issue with farmers and small businesses in the First District of Iowa as the values of farmland real estate and industrial equipment continue to rise. While supporters of the death tax say only a small percentage of businesses and farms actually end up paying the tax, I believe this is a question of fairness. I oppose any means that grants the federal government the ability to tax you twice on your income. This, along with the compliance costs for estate planning, is why I advocate for abolishing the death tax altogether. As a cosponsor of H.R. 1105, the Death Tax Repeal Act of 2015, I commend my colleagues in the House of Representatives in joining me in passing this legislation by a bipartisan vote of 240 to 179. Americans, already taxed to death, should not also be taxed in death.…
