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CARTER SUPPORTS DEATH TAX RELIEF BILL

06/22/06

Washington, DC, Jun 22, 2006 -

Representative John Carter (TX-31) today voted in favor of a bill that will provide permanent estate tax and gift tax relief for millions of Americans. H.R. 5638, the Permanent Estate Tax Relief Act, which will take effect in 2010, eliminates the death tax for estates valued at or below $5 million. For estates between $5 million and $25 million, the rate of tax will be the same as the capital gains tax rate. On estates valued at more than $25 million, the top marginal rate of tax will be double the capital gains tax rate.

“This bill will help reduce unnecessary and unjust taxation on the American people. Simply put, death should not be a taxable event. By permanently eliminating the estate tax, hard working citizens will have the ability to pass on their small farm or business to their families,” Congressman Carter said. “Although I am still in favor of a full repeal of the death tax, this bill is an important step in the right direction.”

Studies have shown that small, family-owned businesses are especially vulnerable to the Death Tax because most small-business owners have the entire value of their business in their estate. More than 70 percent of family businesses do not survive the second generation; 87 percent do not make it to the third generation.

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