Long Supports Repeal of Estate Tax
Posted on April 18, 2015 08:26 am CDT
An Ozarks congressman votes to repeal the death tax. Rep. Billy Long, (R) Missouri-7th District, voted with the majority to repeal the estate tax Thursday.
The Republican majority pushed the bill through with a 240-179 vote. The federal tax rate on estates is 40 percent, but big exemptions limit the share of estates that pay it to fewer than 1 percent. This year, the exemption is $5.43 million for a single person. Married couples can exempt up to $10.9 million.
“The House voted today to relieve Americans of taxation on a lifetime of hard work, “Long said. “Those planning to leave their estates with children and grandchildren should not have to worry about the government taxing life savings or spoiling longtime plans to better their families. The death tax especially affects small business owners and family farms, which are already saddled with tax and regulatory burdens.”
Democrats say repealing the tax is a giveaway to the rich. The White House threatened to veto the bill arguing it would add $269 billion to the budget deficit over the next decade.