By a vote of 240 to 179, the House approved today the full repeal of the death tax, a tax that threatens the livelihoods of farmers and ranchers across the country.
The Death Tax Repeal Act of 2015, sponsored by Rep. Kevin Brady (R-Texas), provides a permanent exemption of the estate tax of $5 million per individual, 10 million per couple and raises the top tax rate to 40 percent, according to the National Cattlemen’s Beef Association.
“The House vote today to permanently repeal the death tax is a huge step toward maintaining the integrity of farms, ranches and small businesses across America. Thanks to Congressman Kevin Brady for sponsoring HR 1105, the Death Tax Repeal Act of 2015, and those members of the Texas delegation who voted for this important legislation,” Texas Farm Bureau (TFB) President Russell Boening said in a statement.
“While recent actions provided some relief from this onerous tax, total repeal is better. Farmers and ranchers are rich in capital assets, such as land and equipment, but often poor in liquidity. After a death, remaining family members many times have to sell their assets just to pay the taxes. With those assets go hopes, dreams and the family business,” Boening added.
He also urged the Senate to act soon and vote for full repeal of the death tax.