Washingon, D.C. —
Senator John Thune (R-SD) today offered an amendment with Senator Jon Kyl (R-AZ) to help bring about permanent death tax reform. This directly impacts family farms, ranches and small businesses. The amendment was offered to the Democrat Fiscal Year 2008 Budget Resolution.
"Bringing about permanent, meaningful death tax reform is necessary because the death tax is a completely unfair tax. Americans pay their fair share of taxes throughout life, only to see the IRS take one last bite when they die. It is also unfair because the Donald Trumps and the Paris Hiltons of the world have teams of lawyers and accountants to make sure they pay little or no death tax. This leaves the family-owned farms, ranches and small businesses paying the bill. Our budget should show that family farms, family ranches and small businesses are a priority and should not be punished.
"It is for these reasons that Congress acted a few years ago to repeal the death tax. Due to archaic rules that could only be devised in a body such as the United States Senate, the death tax comes back to life in 2011," said Thune.
The amendment would create room in the budget for death tax reform and it would provide for a $5 million exemption indexed for inflation; a family business carve-out; a 35% top rate; and recaptures the benefit of the $5 million exemption for estates valued over $100 million. This proposal would require $61.7 billion over 5 years.
"Bringing about permanent, meaningful death tax reform is necessary because the death tax is a completely unfair tax. Americans pay their fair share of taxes throughout life, only to see the IRS take one last bite when they die. It is also unfair because the Donald Trumps and the Paris Hiltons of the world have teams of lawyers and accountants to make sure they pay little or no death tax. This leaves the family-owned farms, ranches and small businesses paying the bill. Our budget should show that family farms, family ranches and small businesses are a priority and should not be punished.
"It is for these reasons that Congress acted a few years ago to repeal the death tax. Due to archaic rules that could only be devised in a body such as the United States Senate, the death tax comes back to life in 2011," said Thune.
The amendment would create room in the budget for death tax reform and it would provide for a $5 million exemption indexed for inflation; a family business carve-out; a 35% top rate; and recaptures the benefit of the $5 million exemption for estates valued over $100 million. This proposal would require $61.7 billion over 5 years.