Noem Introduces Death Tax Repeal in the House
Washington, D.C. – Reps. Kristi Noem (R-SD) and Sanford Bishop (D-GA) today introduced the bipartisan Death Tax Repeal Act of 2017 to fully and permanently repeal the death tax. According to a Joint Economic Committee report, the death tax has removed more than $1.1 trillion in capital from the economy while motivating family businesses and others to reduce savings and limit growth.
“While we were still trying to pick up the pieces after my dad died in a farm accident, our family received a letter from the IRS. Because of a tragedy that undermined our sense of security, the death tax was now about to undermine our financial security,” said Rep. Noem. “No family should have to go through what ours did, so I’m committed to seeing this tragedy tax finally repealed.”
“I have always believed that the death tax is politically misguided, morally unjustified, and downright un-American,” said Rep. Bishop. “It undermines the life work and the life savings of farmers and jeopardizes small- and medium-sized businesses in Georgia and across the nation.”
Rep. Noem, a member of the House Ways and Means Committee, and her family were hit by the death tax after her father passed away in a tragic farming accident. Rep. Bishop has long led the charge to repeal the controversial tax in order to prevent farmers, in Georgia and nationwide, from losing their family farms or being forced to sell much needed land, buildings, or equipment.
Sen. Thune led lawmakers in the U.S. Senate as well today in introducing companion legislation.
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How is it possible to tax the dead, aren’t they dead? So why is it called a “Death Tax?” Has any state ever tried to execute an already dead murderer who died at the scene of a crime? According to “Death Tax” nomenclature, this should be possible, but I cannot ever remember this happening in our national history….Maybe Uncle Bernie paid some type of sales tax at the resort, but that is just in the movies.
When someone dies, the estate becomes a gain for the heirs. They still gain with estate taxes in place, in fact, its a mere windfall. Estate taxes should be seen as a form of “Windfall taxation.” Unless, they are just waiting around hoping for the death of the current owner of the wealth and counting their eggs before they are hatched, which is a sick thought I must say – then I guess I know why some must insist on calling it a “Death Tax,” then.
I understand protecting small family farms and small businesses, but not major farms or businesses…… I don’t think so. Plus, why is everyone so worried about this in South Dakota? Isn’t the answer to just establish a “Dynasty Trust” under South Dakota law, in order to hide from taxation? This might be a “sick” idea, too, but it is legal, and doesn’t it make Representative Noem’s concern on this issue rather moot?