Lance Joins Estate Tax Repeal Fight

By Matt Rooney | The Save Jersey Blog

LanceLeonard Lance is trying to help advance the death tax repeal movement in D.C and back at home where he got started, in the N.J. State House, as members of both parties coalesce around a legislative effort.

“From state capitals to the halls of Congress, there is growing movement to bring an estate tax repeal bill up for a vote in U.S. House of Representatives,” said Lance who, at the moment, is joining 220 other cosponsors of the Death Tax Repeal Act (H.R. 2429).  “It’s been nine years since the U.S. House has passed a death tax repeal measure.  With more than a majority of the House co-sponsoring the Death Tax Repeal Act, it is time that we show our support for family business owners, employees, farmers and consumers and vote to kill the death tax.”

The text of the letter signed by Rep. Lance and twenty-nine other lawmakers, directed to the GOP leadership, is posted below the fold:

Speaker John Boehner              Majority Leader Kevin McCarthy    Whip Steve Scalise

H-232 The Capitol                    H-107 The Capitol                           H-329 The Capitol

US House of Representatives   US House of Representatives           US House of Representatives

Washington, DC 20515            Washington, DC 20515                    Washington, DC 20515

 

Speaker Boehner, Majority Leader McCarthy, and Majority Whip Scalise,

We write to respectfully request that H.R. 2429, the Death Tax Repeal Act, be brought to the floor for a vote at the earliest possible opportunity. It has been nine years since the House of Representatives last voted to repeal the federal estate tax, or ‘death’ tax.  The 236 members who have been elected in the intervening period had not yet had an opportunity to vote to repeal this onerous, destructive tax, the repeal of which has bipartisan support.

Repeal of the death tax is an important issue to our constituents, including the family business owners, employees, farmers and consumers whose livelihoods would benefit from repeal.

The staggering 40% taxation rate of the death tax has a particularly acute impact on the family farms that make up 96%[1] of our nation’s agriculture sector and the small businesses that are 99%[2] of our nation’s employers. The death tax creates a nearly insurmountable hurdle for small business owners and farmers who wish to pass the fruits of their life’s labor from one generation to the next.

The very concept of a death tax is counter to the idea of private property that our nation was founded upon.

Ways & Means Committee Chairman Dave Camp also recently made comments in support of a floor vote on the death tax:

“While the fiscal cliff agreement finally provided some much-needed certainty when it comes to estate planning, I have long-supported, and would still like to see, the full repeal of the death tax. I think it is important for Congress to go on record – especially all the new Members who have been elected in recent years – to show the bipartisan support for killing this tax, which forces the sale of family farms and small businesses.”[3]

With a majority of the House cosponsoring the Death Tax Repeal Act, we believe that it is time to bring this measure to a vote on the floor and address an issue that resonates across the nation. Thank you for your consideration.

[1] http://www.nifa.usda.gov/nea/ag_systems/in_focus/familyfarm_if_overview.html

[2] http://www.sbecouncil.org/about-us/facts-and-data/

[3] http://www.forbes.com/sites/ryanellis/2014/06/18/u-s-house-may-soon-kill-the-death-tax/