Cubin Votes to Repeal the Death
Tax
"Measure to Help Wyoming's
Small Business Owners, Farmers and Ranchers"
Washington – U.S. Representative Barbara Cubin (R-Wyo) voted today to repeal the estate tax as the Death Tax Elimination Act of 2001 (H.R. 8) passed the House 274 to 154.
"Wyoming's farms, ranches and small businesses are family-owned and family-run. Sadly, too many of these families are robbed of their savings as they are forced to pay up to 60 percent of their estate in taxes when their loved one dies," Cubin said.
"By getting rid of this outdated tax, we can help families ensure their financial security and pass along their farm, ranch or family business on to future generations," Cubin continued.
"The death tax is one of the most unfair taxes on the books because it taxes hard-working families twice," Cubin said. "Many people spend the better part of their lives working to provide for their children and grandchildren when they are gone. They pay taxes as they go along, and then the federal government taxes the value of their property yet again when they pass away."
H.R. 8 provides $192 billion in tax relief by phasing in a repeal of estate, gift, and generation-skipping taxes. "This bill will phase-out the death tax over the next ten years, ending the unfair practice of double taxation while also remaining fiscally responsible," Cubin noted.
"The previous administration chose to veto death tax repeal not once, but twice," Cubin said. "Thankfully, President Bush has made the elimination of the death tax one the of main priorities of his tax relief package."
"It is my hope that the Senate will pass this important legislation soon so we may begin erasing this tax off the books once and for all," Cubin said.
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