Virginia Foxx: “today I voice my strong support for the Death Tax Repeal Permanency Act of 2005. It is imperative we pass this very…”

“today I voice my strong support for the Death Tax Repeal Permanency Act of 2005. It is imperative we pass this very important legislation. The Death Tax is an unreasonable and unfair burden on thousands of American families, small businesses, and family farms. The Death Tax is the largest threat to the vitality of family-owned businesses and farms because most of their owners have the entire value of their business or farm in their estate. The Federal Government currently receives nearly half of an estate when the owner passes. As a result, more than two-thirds of family businesses do not survive the second generation and nearly 90 percent do not make it to the third generation. So much for the American dream. Rather than encouraging people to build their own livelihoods, the Death Tax discourages hard work and savings. According to the Heritage Foundation, the Death Tax costs our country up to 250,000 jobs each year. By permanently abolishing this tax, we could add more than 100,000 jobs per year. As my colleague, Representative Sam Johnson of Texas, said: Americans receive a birth certificate when they are born, a marriage license when they are wed, and a tax bill when they die. This is a disgrace. I encourage my colleagues to vote ``yes'' for the Death Tax Repeal Permanency Act of 2005.”