Hudson Introduces Bill to Axe the Death Tax

Hudson Introduces Bill to Axe the Death Tax

WASHINGTON- U.S. Representative Richard Hudson issued the following statement after introducing H.R. 483, the Farmers Against Crippling Taxes (FACT) Act. The FACT Act will permanently eliminate the death tax imposed on the transfer of the “taxable estate” of a deceased person.

“In a strugglingeconomy such as ours, we should be finding ways to let people keep more of their hard-earned money. 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.

“It makes no sense for the federal government to punish our farmers and small business owners, the very entrepreneurs who make economic growth and development possible. Their success does not belong to the federal government, and the benefits of their labor shouldn’t be confiscated from their children and grandchildren when they die. The Farmers Against Crippling Taxes (FACT) Act will repeal the immoral and unfair tax burden the federal government heaves upon the American farmer and end the double taxation that threatens family farms, small businesses, and jobs. It is time we recognize the facts of this heinous tax and repeal it once and for all.”

Rep. Hudson introduced the FACT Act after meeting with farmers on his District Farm Tour and hearing their concerns about policies that hinder American farmers, most notably the death tax.

FACTS about the Death Tax:

· Since 2001, the death tax has been paid by persons with an estate greater than $1 million with rates fluctuating from 55%-35% and exemption rates fluctuating from $1 million to $5 million.

· Congress has taken small steps to alleviate this tax burden on farmers and small businesses.

· The American Taxpayer Relief Act of 2012 deal locked in the death tax rate at 40% with an exemption currently at $5.25 million.

· Rep. Hudson is pleased with previous Congressional efforts and hopes to use his position on the Agriculture Committee as a voice to repeal the unjust death tax.