Hatch Backs Bill to Fully Repeal Estate Tax

Hatch Backs Bill to Fully Repeal Estate Tax

News story posted in Congressional Correspondence on 20 June 2013| comments
audience: National Publication | last updated: 20 June 2013
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Summary

Senate Finance Committee ranking minority member Orrin G. Hatch, R-Utah has issued a release in support of the Death Tax Repeal Act of 2013. The Utah Senator Says, “This bill puts a nail in the coffin of the death tax by repealing it for good."

Full Text:

WASHINGTON – Today, U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, joined a bipartisan group of members of Congress in backing legislation to fully repeal the “death tax.” Hatch, a longtime backer of full repeal of this tax on estates, says it is an unfair tax on farmers, ranchers and small business owners “who pay taxes on nearly every aspect on their lives – from what they earn to what they buy - are then taxed again upon their death.” The legislation, the Death Tax Repeal Act of 2013, would permanently repeal the death tax and lowers the gift tax to 35 percent with a $5 million exemption.

“Hard-working Americans who pay taxes on nearly every aspect on their lives – from what they earn to what they buy - are then taxed again upon their death. I’ve heard from farmers and ranchers and small business owners across Utah who fear that they won’t be able to pass along to their children what they’ve worked so hard to build out of fear of the federal death tax,” said Hatch. “This bill puts a nail in the coffin of the death tax byrepealing it for good. This bill protects small farms and businesses since the value of what’s passed on is locked in their land and their businesses. And this bill is bipartisan -- showing how widespread support is for curtailing this onerous and unfair tax.”

Joining Hatch today were Senate Minority Leader Mitch McConnell (R-Kentucky) and the primary Senate sponsor of the bill, Senator John Thune (R-S.D.), along with Representatives Kevin Brady (R-Texas) - the primary House sponsor, Mike McIntyre (D-N.C.) and Kristi Noem (R-S.D.).

The Death Tax Repeal Act of 2013 is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, 60 Plus Association, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, American Conservative Union, Family Business Coalition, and many other organizations. Below are Hatch’s remarks as prepared for delivery:

Good afternoon. I’d like to thank my colleagues for being here and want to thank Senator Thune and Congressman Brady in particular for their leadership.

We are here today because of a basic unfairness: hard-working Americans who pay taxes on nearly every aspect on their lives – from what they earn to what they buy - are then taxed again upon their death. I’ve heard from farmers and ranchers and small business owners across Utah who fear that they won’t be able to pass along to their children what they’ve worked so hard to build out of fear of the federal death tax.

They don’t think it’s right that Washington can take from them at their death what they’ve earned and fought for all their lives -- to support and provide for their families. I don’t think it’s right either – none of us standing here do.

This bill puts a nail in the coffin of the death tax by repealing it for good. This bill protects small farms and businesses since the value of what’s passed on is locked in their land and their businesses. And this bill is bipartisan -- showing how widespread support is for curtailing this onerous and unfair tax.

With the Joint Committee on Taxation estimating that 2,400 farms and 2,700 small business will be subject to the death tax this year alone, we are here to say it’s time for it to go once and for all.

Thank you.

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