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| Wilson Votes to Permanently Repeal the Death Tax |
June 06, 2002 |
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Washington, DC-Congresswoman Heather Wilson today voted in favor of the permanent repeal of the death tax. The death tax repeal passed last year as part of an overall tax relief bill and, for procedural reasons in the Senate, is scheduled to expire or “sunset” on December 31, 2010. The permanent tax relief bill passed the House by a vote of 256 to 171.
“The death tax hurts farmers, ranchers, and small business owners twice,” said Wilson. “Employees of these businesses often lose their jobs because the tax can be up to 60% of the value of the business..”
In order to pay these enormous tax bills, many families have been forced to sell businesses or farms that employ a lot of people. According to the National Federation of Independent Business, more than 70 percent of family businesses do not survive the second generation and 87 percent do not make it to a third generation. What’s more, 60 percent of small business owners report that they would create new jobs over the coming year if death taxes were eliminated.
A repeal of death taxes will lead to considerable revenue growth. Several business firms expect that a repeal of death taxes would induce them to invest in their businesses in ways that would enable revenue to grow five percent faster.
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