Buck Votes to Repeal Death Tax
FOR IMMEDIATE RELEASE
Contact: Katherine Rosario, 202-226-8414
Washington – The House voted today to pass H.R. 1105, the Death Tax Repeal Act of 2015. Sponsored by Rep. Kevin Brady (R-TX), the bill would repeal the estate and generation-skipping transfer taxes, as well as cut the top gift tax rate. Congressman Ken Buck (R-CO) released the following statement:
“You shouldn’t lose the farm when you lose a loved one. The death tax hurts the economy and families who have worked hard to build up their own businesses. This double tax is un-American. The government takes from Americans as they work to save and build up their livelihoods only to slam them again with a death tax on their heirs,” said Congressman Buck.
He continued, “It's time the government stops punishing Americans for working hard, becoming successful, and creating jobs. This tax results in an insignificant amount of revenue for the federal government but imposes a huge burden on families and their businesses. We should repeal the death tax.”
Repealing the death tax will result in a tax cut of $269 billion over 10 years, according to the Joint Committee on Taxation (JCT). The American economy generates 18,000 fewer jobs each year than it otherwise would because of the death tax, according to a 2014 Heritage Foundation estimate. “After paying the death tax, many businesses have a substantially reduced ability to expand hiring and investment,” Heritage notes.
Rep. Ken Buck (CO-04) is the Freshman Class President. He serves on the House Judiciary Committee and the House Committee on Oversight and Government Reform. He serves on the OGR Subcommittees on Government Operations and the Interior and is a member of the Judiciary Subcommittees on Immigration and Border Security and Crime, Terrorism, Homeland Security and Investigations.