8-7 IAN Death Tax Repeal

 Representative Kevin Brady of Texas sponsored the Death Tax Repeal Permanency Act - which now has 218 co-sponsors in the House - and has released an updated study proving how harmful and ineffective the Death Tax is from the Joint Economic Committee. Brady says the study’s key points are the Death Tax continues to hurt the economy, fails as a revenue generator, creates a barrier to economic equality and could increase revenue if it were abolished.

Senator John Thune of South Dakota has introduced a companion bill - the Death Tax Repeal Permanency Act of 2012 - in his chamber - and that bill has 37 co-sponsors. He says the report has added significance as the Senate considers a plan to expand the reach of the Death Tax…“Their bill allows the death tax to revert to the pre-2001 levels and according to the joint tax committee that proposal would hit 24 times more farms and 13 times more small businesses than current law does. So by going back to the pre-2001 levels of $1 million exemption and 55% top rate, you’re talking about a huge impact on the very people out there  in farm and ranch country and small businesses that we really count on to keep our economy going.”