Capito Wants to See Death Tax Stay Six Feet Under
Capito Wants to See Death Tax Stay Six Feet Under
4/13/2005
Congress Needs To Act or Death Tax Will Return In 2011
WASHINGTON, DC (4/13) Congresswoman Shelley Moore Capito (R-WV) voted today to keep the Death Tax permanently in its grave sparing West Virginias farms and small businesses from paying a whopping tax bill of up to 55 percent of property and assets if the family business is passed from one generation to the next.
"Bringing back the Death Tax will drive the final nail in the coffin for Americas next generation of small business owners", noted Capito while giving a speech on the floor of the U.S. House Wednesday. "The Death Tax Repeal Permanency Act represents the changes to our tax code called for by our nations farmers and small business owners who want to pass their family business on to the next generation."
"Small business owners and farmers devote their time, energy, and money into building a business so it can be passed on to a sons or daughters. In the absence of the Death Tax, these small businesses become a legacy for one generation to pass on to the next. With the Death Tax, families face a whopping tax bill on the property and assets even though taxes have already been paid annually by the owners."
The Death Tax is an overwhelming burden, forcing many families to sell their businesses just to pay the 37 to 55 percent tax. As a result, jobs are lost and generations of family toil are plundered by the government.
Capito noted her vote in 2001 to phase out the Death Tax has helped save jobs and spare West Virginia families from selling their family business: "thousands of jobs were saved and 2nd and 3rd generations were able to take charge of their familys business."
Congresswoman Capito is a co-sponsor of The Death Tax Repeal Permanency Act (H.R. 8), which now awaits action by the U.S. Senate after passing the U.S. House with Congresswoman Capitos support by a vote of 272 to 162. Unless Congress acts to permanently eliminate the Death Tax it will return on January 1, 2011.
http://capito.house.gov/press_office/detail-page.aspx?id=69&whichone=pr