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| House Votes Down Death Tax |
April 13, 2005 |
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Wilson Says Unfair Tax Falls on Too Many Small Business Owners
Albuquerque, NM - Congresswoman Heather Wilson today supported legislation eliminating the death tax which passed the U.S. House of Representatives 272-162.
“Small businesses, which create nearly eight of 10 new jobs in America, are more likely to be damaged by the death tax,” Wilson said. “Government cannot create wealth, but it can create an environment in which entrepreneurs can grow jobs. The death tax stifles growth.”
The Death Tax Repeal Permanency Act of 2005, H.R. 8, permanently extends the tax relief passed in 2001, which phases out the death tax through 2010, helping preserve family-run businesses by allowing them to keep these funds for investment and employment, and allowing families to make long term financial planning decisions.
The legislation, which now goes to the U.S. Senate for consideration, would prevent an automatic tax increase in 2011. The bill helps simplify the tax code for family businesses by preventing a double tax upon the death of the original owner, who paid taxes throughout his or her life.
“We want an expanding job market that creates more opportunities for working Americans to plan and build better lives for their families,” Wilson said.
Wilson also supported legislation, signed into law October 4, 2004, which extended tax relief for 540,000 working New Mexicans, a child credit for 160,000 New Mexico couples and single parents, and a reduced marriage penalty for 185,000 New Mexico families.
Wilson believes that we will continue seeing people hired by keeping taxes low and regulations fair for small businesses and entrepreneurs. Wilson regularly tours area businesses to meet with employees and small business owners to have firsthand information about the growth outlook in New Mexico.
The growth in the U.S. economy has created more than 3 million jobs over 22 straight months.
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