The plan would also simplify portions of the generation skipping transfer tax rules prior to repeal. The bill passed in the house by a vote of 279 to 136. No American should be forced to visit the IRS and the undertaker at the same time, nor should they be forced to pay 55 to 60 percent of their savings or their business in taxes when they die, Representative Knollenberg said today.
Small businesses drive our economy.
The death tax is one of the most unfair taxes on the books, because it taxes small business owners twice. First they pay the taxes, then the federal government taxes the value of their property again at the time of death. Today I voted to repeal the unfair death tax so that family businesses can be passed down to children and grandchildren, Knollenberg continued. Americans are taxed enough throughout their lifetime. Let s at least give them a break when they re dead and bury the death tax once and for all.