WASHINGTON, D.C. – April 17, 2015 – (RealEstateRama) — The House of Representatives passed H.R. 1105, the Death Tax Repeal Act of 2015 to permanently repeal the estate tax. The estate tax, also known as the death tax, is a 40 percent tax on an individual’s transfer of assets in excess of an exemption amount to the next generation at the time of his or her death. Earlier today, Congresswoman Lynn Jenkins (KS-02) submitted the following statement for the Congressional Record:
“As a CPA, I understand that the only certainties in life are death and taxes. Unfortunately, Washington has decided that a third certainty can be created when we combine those two separate terms.
“The death tax is an issue that, as long as it exists, will be seen as a provision by which politicians can pocket more of families’ hard-earned legacies.
“I recently heard from one Kansan whose father-in-law, a farmer, passed away in 2005. Because these folks wanted to keep the farm in the family, they had to set up an installment plan with the IRS to pay the death tax. Even then, they have been forced to dip into retirement funds and sell other assets in order to make the payments and keep the land.
“Stories like this are the reason why I am a cosponsor of H.R. 1105, which would permanently repeal the death tax. We need to stop treating death as a taxable event. The only solution to this problem, which faces family farmers and business owners in Kansas, is to eliminate the death tax, once and for all.”