Congress Considering Repeal of Death Tax

American Legislator ^ | 4-16-15 | Will Freeland

[ThethoughtsofGreg]

For the first time in just over a decade, the U.S. House of Representatives today will vote on a bill to abolish the death tax, otherwise known the federal estate tax. H.R. 1105—the “Death Tax Repeal Act of 2015″—has bipartisan support, which is evident by its co-sponsors: Congressmen Kevin Brady (R-Texas) and Sanford Bishop (D-Georgia).

Attempts to repeal the federal death tax acknowledge what the 32 states without a death tax already understand: a tax on an individual’s personal property, business assets and investments, even with a $5 million exemption, results in high compliance costs, little revenue and bad incentives.

Representatives of the 50 states have called for the repeal of the federal death tax through ALEC model policy. As the ALEC Resolution to Permanently Repeal the Federal Unified Gift and Estate Tax notes, “The Federal Unified Gift and Estate Tax, or the ‘Death Tax’ has been identified as destructive to job opportunity and expansion. The ‘Death Tax’ generates only a minimal amount of Federal Revenue, yet enormous dollars are spent in collecting and administering these taxes and in useless lawyers’ and accountants’ time and expense as people try to avoid this punitive ‘double tax.’ In order to pay the taxes, heirs must sell family businesses. This resolution calls upon the U.S. Congress to permanently repeal the Federal Unified Gift and Estate Tax.”

[sten]

the current crop of newly minted black upper class is getting older.

wouldn’t want any of that wealth redistribution to effect them, now would we...

[EQAndyBuzz]

I wonder if the President will sign this. Going to be an interesting fight in the Senate. Maybe Schumer will tack on a reparations tax to this.

[Vaquero]

Yeah I’m sure zer0 will gladly sign that (do I have to post, ‘sarc’)

[DoodleDawg]

So what spending are they going to cut to make up for the lost revenue?

[Gay State Conservative]

Although a good idea it plays right into the hands of the Former Twelfth Lady.It's not hard to imagine the attack ads.

[ConstantSkeptic]

Bipartisan? Technically yes.

Seven Democrats voted for it. Three Republicans voted against it.

It doesn’t sound like there’s sufficient support in the Senate to overcome a filibuster.

[savedbygrace]

I guess we’ll need to find out what Obama wants so McConnell will know what he’s supposed to do.

[Amendment10]

Thank you for referencing that article ThethoughtsofGreg. Please bear in mind that the following critique is directed at the article and not at you.

"Congress Considering Repeal of Death Tax"

FR: Never Accept the Premise of Your Opponent’s Argument

There is no clause in Congress’s constitutional Article I, Section 8-limited powers to justify the corrupt House establishing a death tax. In fact, the Supreme Court has clarified that Congress is prohibited from laying taxes in the name of state power issues, essentially any issue which Congress cannot justify under its Section 8-limited powers.

“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.

So since the corrupt, popularly elected Senate failed to kill the bill that established the death tax, this issue is another example why state lawmakers shouldn’t have ratified the ill-conceived 17th Amendment, foolishly giving up the voices of state lawmakers in Congress by doing so.

The 17th Amendment needs to disappear.

[Tax-chick]

Interesting. A lot of estate planners would have to get a real job ...

[17th Miss Regt]

The revenue generated by the tax appears to be negligible. No need to cut spending if that is the case.

[exit82]

Estate tax repealed by House 240-179;12 NV

HR 1105

Roll Call 161

http://clerk.house.gov/evs/2015/roll161.xml

[1010RD]

Few legislators give up power foolishly. They traded it for something they perceived to be better. That we let them is the crime.

You’ll note that the 17th was repealed after a wave of massive immigration from countries with illiberal cultures. They settled in cities and fell for Democrat talking points.

It’s been a mess for over a century.

[RedMDer]

FReepers! Let's go!
Everyone needs to help!


Please contribute today! 

[Carriage Hill]

$5 says 0bummer will veto it if passed.

[HonorInPa]

If you eliminate the estate tax then there is no reason for a $14k per person annual gift limitation either. No need for trust funds, estate lawyers, etc. Think of the currently locked up money that can be put to better use.

[Vendome]

Good

It’s killing families...

[Wolfie]

I’m with you...I just don’t see the Feds giving up the right to tax our money TWICE.