Congressman Mac Thornberry filed his first bill of the 114th Congress on its opening day. The Death Tax Repeal Act (H.R. 173)” will completely and permanently repeal the Federal estate, gift, and generation-skipping taxes. The bill already has garnered 36 cosponsors.
“The death tax is fundamentally unfair for estates of any size,” said Thornberry. Americans are required to pay taxes on their savings and incomes while they are alive. They should not have to do so at death as well, nor should their children and grandchildren have to bear these taxes.”
The death tax, also known as an inheritance tax or estate tax, goes against some of the values Americans cherish most. The American people should be able to work hard, build, and save knowing that these assets will one day be passed on to their children and grandchildren. Particularly vulnerable to the death tax are small business owners, farmers, and ranchers who hope to pass personal business on to future generations but have to contend with a tax that may make that impossible.
“Generations of ranching families have worked tirelessly and sacrificed to build successful operations that help feed the nation,” said Joe Parker Jr., a local, third generation rancher and past Texas and Southwestern Cattle Raisers Association President. “Unfortunately, when it comes time to pass these hard-earned operations on to the next generation, if a rancher can’t afford to pay this tax, they lose their property and their way of life.
“Death should never be a taxable event. This is why I support Congressman Mac Thornberry’s “Death Tax Repeal Act,” which is critical to the future of the ranching industry,” Parker concluded.