Sessions Backs Death Tax Repeal Permanency

Sessions Backs Death Tax Repeal Permanency

Bill passes, extends estate tax repeal past 2010 cut-off

Washington, Apr 13 - U.S. Congressman Pete Sessions (R-Dallas) today voted in favor of H.R. 8, The Death Tax Repeal Permanency Act of 2005. The bill passed by a vote of 272-162.

In 2001, Congress and the President worked together to enact the Economic Growth and Tax Relief Reconciliation Act. Among its multiple tax relief measures, this legislation included a provision to phase out gradually the death (estate) tax by 2010. If Congress fails to act, the death tax will return to its pre-phase-out level in 2011.

"The death tax is an unnecessary and unfair tax that allows government to seize more than half of a person's assets when that person dies," said Sessions, an original co-sponsor of H.R. 8.

"The death tax is especially punitive to small business and land owners," Sessions continued. "In many cases, small businesses do not survive into the next generation because the tax burden is so high that liquidation is the only viable option for surviving family members. If businesses don't survive, jobs are lost."

"I am proud of the progress we made by beginning the process of phasing out the death tax in 2001, and I am committed to enacting a permanent repeal of this unfair tax. Death should not be a taxable event," Sessions concluded.

Congressman Kenny Hulshof (R-MO) and Congressman Robert "Bud" Cramer (D-AL) introduced the Death Tax Repeal Permanency Act of 2005 in the U.S. House of Representatives. Senator Jon Kyl (R-AZ) has introduced a similar bill in the U.S. Senate.

http://sessions.house.gov/News/DocumentSingle.aspx?DocumentID=7719