U.S. House Advances Brady Death Tax Repeal
Brady: “Why should we punish the success of our nation’s family-owned businesses?”
Washington, DC – Today the U.S. House of Representatives voted 240-179 to approve legislation by Republican Congressman Kevin Brady of Texas and Democrat Sanford Bishop of Georgia to permanently repeal the controversial federal estate tax, or Death Tax. The measure, H.R. 1105, which supporters say threatens America’s family-owned businesses, farmers and ranchers, now advances to the Senate.
It is the first House vote to repeal the estate tax in ten years.
“The Death Tax is an immoral tax and a calculated attack on the American Dream”, said Brady. “It hurts our economy, punishes success and prevents family-owned businesses and farms from being passed down to the next generation. Over time it will steal the nest egg of minority and women-owned businesses, the fastest growing group of new start-ups in America who are building wealth for the very first time.”
According to Congress’ own Joint Economic Committee the Death Tax has pilfered more than $1.1 trillion in capital from the economy while motivating wealth holders to reduce savings and increase spending now, rather than pass it on to the next generation – thus increasing the consumption gap between the wealthy and poor in America.
National Black Chamber of Congress CEO Harry Alford applauded the bipartisan effort to repeal the death tax which has “created an unfair situation for minority businesses that have begun to flourish over the last half-century.” Alford adds “We cannot stand by and watch as families who have built businesses from the ground up working side-by-side with their children are forced to sell out at fire-sale prices to afford this egregious tax. The passage in the House represents a permanent solution to unnecessary regulation.”