The IRS death tax rate could be abolished as soon as next year if both the U. S. Senate and House of Representatives continue their bipartisan support, Sen. Phil Gramm said Sunday at a local business. Joe Mac Hilliard, who hosted Gramm at his business, Hil-liard Fencing Inc., said the death tax rate threatens his family's livelihood after his death.
Death taxes are destructive.
That's why, Gramm said, federal policy makers are pushing to repeal the death tax, hopefully as soon as next year. If President Clinton vetoes the bill to abolish it, Gramm said he is confident the next administration will pass it. I don't think it's right for people to work a lifetime, then when they die their children have to sell the business to pay the IRS death tax . . . to give their government its tax. I believe we're going to repeal the death tax. Canada, Israel and Australia have abolished their estate taxes in recent years.