Rep. Paul Cook Votes to Repeal the Death Tax
WASHINGTON – Today, Rep. Paul Cook (R- Apple Valley) voted for HR 1105, the Death Tax Repeal Act. Rep. Cook was a co-sponsor of this bill.
The death tax imposes a tax on wealth transfers upon death. Congress temporarily phased out the death tax in 2001, but it was resurrected in 2011. Taxable estates are currently charged at a fixed rate of 40 percent. HR 1105 amends the tax code by permanently repealing the federal death tax. Family farms and small businesses are hit particularly hard by this tax. Many families are forced to sell off long-time family businesses to pay this tax.
Cook said, “These assets have already been taxed at some point, making the death tax a form of double taxation. It’s a punitive example of government greed that punishes small businesses and families. Many family businesses don’t have the money to pay death tax liabilities. I urge my colleagues in the Senate to take up this bill as soon as possible and repeal it once and for all.”