Political Notebook: Hudson bill targets death tax

Reporter - Nathan Hardin

WASHINGTON — Following an agricultural tour that included Rowan County, U.S. Rep. Richard Hudson introduced an anti-death tax bill Thursday.

The Farmers Against Crippling Taxes, nicknamed FACT, aims to eliminate the death tax imposed on the transfer of estate property currently taxed when the property owner dies.

At the Rowan County Farm Bureau last week, Hudson (R-NC) spoke to local farmers about their concerns. The freshman congressman said farmers are some of the hardest hit by the tax.

“I call it the most immoral tax out there,” Hudson said. “After this week, I’m kind of feeling like, it seems to be a priority.”

According to a press release, the death tax has been paid since 2001 by persons with an estate greater than $1 million with rates fluctuating from 35 percent to 55 percent. Exemption rates have fluctuated from $1 million to $5 million, the release said.

Hudson called the tax “heinous.”

“In a struggling economy such as ours, we should be finding ways to let people keep more of their hard-earned money,” Hudson said in a statement. “The American people work hard, save, invest and want to leave future generations with more opportunities and a better life. Unfortunately, the death tax discourages all those traditional American values.”

Hudson also voted Wednesday for H.R. 444, a resolution to require a the White House to produce a balanced budget within a 10-year window or provide a supplemental plan by April 1, identifying in which fiscal year their plan would balance.