In an effort to repeal the Estate Tax, a tax that allows the Internal Revenue Service to seize up to 55% of the value of a family business when the owner passes away, Congressman Zach Wamp voted in favor of the Death Tax Elimination Act of 2001.

"It is sad to think that it is cheaper for a person to sell their business and pay capitol gains tax, than to simply pass the business or farm on to his or her children. This tax stops families from continuing the work that the company founder started," said Congressman Wamp. According to the National Federation of Independent Business, more than 70% of family businesses do not survive the second generation after the founder passes away.

"We should reward hardworking, family owned businesses. We shouldn't be taxing them twice - throughout the life of the business AND at death. This is an unfair tax and repealing it is the common sense thing to do," Wamp continued.

The Death Tax Elimination Act of 2001 will phase in $192 billion in tax relief by repealing estate, gift and generation-skipping taxes over the next 10 years. Last year, a similar bill passed the House and the Senate with bipartisan support but former President Bill Clinton vetoed the measure.