U.S. Congressman Mac Thornberry (R-Clarendon) has introduced his first bill of the 116th Congress. H.R. 222, the “Death Tax Repeal Act,” will completely and permanently repeal the federal estate, gift, and generation-skipping taxes. Congressman Thornberry has consistently introduced the “Death Tax Repeal Act” throughout his time in Congress.
“Tax reform made the death tax less burdensome, but it should be totally eliminated. Death should never be a taxable event. All Americans should be able to work hard, build, and save knowing that they can pass on what they have earned to their children and grandchildren,” Thornberry said. “Americans are required to pay taxes on their savings and incomes while they are alive. They should not have to do so again at death, nor should their children and grandchildren have to bear these taxes.”
Defining the death tax: Also known as the inheritance tax or estate tax, the death tax requires families to turn over portions of an inheritance to the government. Small business owners, farmers, and ranchers are often particularly vulnerable to this tax, making it more difficult for future generations to build upon their family’s hard work.
(Information from MyHighPlains.com)