Washington, D.C. - {U.S. Congressman Kevin Brady, a staunch opponent of the death tax, used his role as Deputy Whip and membership on the Ways and Means Committee to bury a tax that plagues American families and robs children of their parents inheritance, once and for all.  The House of Representative voted today, 264 to 163, to permanently repeal the death tax.

 

Brady, a cosponsor of the bill for three years running, issued the following statement regarding the death tax:

 

"The Death Tax is terribly unfair.  It punishes hallmark American values-- hard work and savings.    The Death Tax can mean double and sometimes triple taxation and hits families at the worst possible time-when they are struggling with the loss of their spouse or parent.

 

"To make matters worse, this tax stops our small business people and farmers from passing their hard-earned heritage down to their children.  Soon it will be harming more and more of our minority and women entrepreneurs.

 

"It is the wrong tax at the wrong time and hurts the wrong people. It's time to make things right.  The Death Tax has been ruining lives for four generations.  It's time to pull the plug on the death tax."

 

The Death Tax is an inefficient way to raise revenue.  In 2001 estate and gift taxes represented on 1.4% if the total federal receipts collected.  The death tax forces families to make inefficient investments and tax-avoidance planning – discouraging savings and hurting small business and family farms.

 

The House voted twice to make death tax relief permanent.  On April 18, 2002, the House voted to repeal the December 31, 2010 sunset and make the tax reductions in H.R. 1836, including a permanent death tax repeal.  On June 6, 2002, the House voted exclusively to make death tax permanent and succeed by a vote of 256-171 – including support from 41 Democrats.

 

The Senate need to follow the House lead on this issue and put the death tax six feet under, where it belongs.