Rep. Boozman Comments on Vote to Permanently Repeal the Death Tax
Speaking to the Fort Smith Rotary Club
Washington, Apr 13 - Rep. John Boozman (R-AR) today issued the following comments after voting for legislation that will permanently repeal the Death Tax.
On the effects of the Death Tax on our economy:
The Death Tax is responsible for ending family businesses, eliminating jobs and discouraging savings. The Death Tax hits small businesses and family farms hardest, forcing them to divert resources from investment and employment to pay this unfair tax. There is no doubt that it is a hindrance to economic growth.
On the effects of the Death Tax on job creation:
There are some estimates that show the Death Tax costs the American economy 25,000 jobs a year. The repeal of this unfair tax will save those jobs and continue to grow our economy by creating even more.
On the effects of the Death Tax on family business:
A lot of people don't realize this, but almost 3/4 of the family businesses in this country don't make it passed the second generation. The repeal of the Death Tax will help keep family businesses alive by removing a huge barrier to their survival.
On the effects of the Death Tax on family farms:
Family farms are so important to Arkansas' economy. However, the ability to pass their farm down to the next generation is difficult because surviving family members are often forced to sell half the farm just to cover the tax. The repeal of the Death Tax will keep Arkansas' family farms from disappearing.
On the prospects of the Death Tax repeal becoming law:
President Bush will sign this bill in a heartbeat if it gets to his desk. I know there is a good deal of support for the elimination of the Death Tax in the Senate and I urge my colleagues in that body to pass this bill so that we can end this unfair tax and help our economy continue to grow.
H.R. 8, the Death Tax Repeal Permanency Act of 2005, passed the House of Representatives by a vote of 272-162. Boozman was a cosponsor of the legislation.
BRAKE IN TRANSCRIPT
http://www.boozman.house.gov/News/DocumentSingle.aspx?DocumentID=7717