As you may know, in January Congress passed and the President signed into law a measure which permanently extended relief for the estate tax, commonly referred to as the death tax. While preventing a return to the 2001 exemption and tax rate levels was an important step, I consistently have advocated for a permanent repeal of the death tax.
Family farms and small businesses support Nebraska's economy and are a way of life in many communities. Yet policies like the death tax run counterproductive to Nebraska's interest by discouraging the next generation of business owners, family farms, and entrepreneurs, whose assets often are transferred at time of death. Tax policy should reflect this reality and encourage economic growth, rather than burden them with unfair taxes.
Because of the importance of this matter, I am once again a proud cosponsor of the Death Tax Repeal Act (H.R. 2429), which would repeal the estate tax and generation-skipping transfer taxes. The bill also would make permanent the maximum 35 percent gift tax rate and a $5 million lifetime gift tax exemption, adjusted for inflation.
Currently, H.R. 2429 has been referred to the Committee on Ways and Means. As a member of this committee, I will continue to promote permanent solutions, such as comprehensive tax and entitlement reform, to ensure economic opportunity and lower tax burdens for American families and small businesses. For more information on this issue or to receive additional legislative updates, please visit www.http://adriansmith.house.gov.
Sincerely,
ADRIAN SMITH
Member of Congress
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