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June 9,
2000
Congressman Wally Herger praised the House
of Representatives for passing the death tax repeal by an overwhelming
bipartisan vote of 279-136.
"Northern Californians should not have
to visit the undertaker and the tax collector in the same day," Herger
asserted. "Frankly, the last thing that Northern California families
should worry about is losing their family business or farm to the Internal
Revenue Service because of the unfair death tax."
"The death tax is
a form of double taxation," Herger continued. "Americans pay taxes
throughout their lifetime. At the time of death, they are hit with another
tax on value of their assets - up to 60% of the property's worth. This is
blatantly unfair, especially for small businesses and family
farms."
Less than 33% of successful family businesses and farms
survive into the second generation, and less than 10% survive the
transition to the third. The punitive death tax is one of the major
reasons why. Eliminating the death tax will help many more of these small
businesses and farms survive the difficult transition from one generation
to the next. In fact, a 1996 Heritage Foundation study on the benefits of
death tax repeal found that the benefits to the U.S. economy, an average
of $11 billion per year in extra output, could help create up to 145,000
in additional new jobs.
"Northern Californians are taxed enough
throughout their lifetime. Our vote to repeal the unfair death tax will
help families pass down their businesses and family farms to their
children and grandchildren," Herger concluded. "I urge the Senate and the
Clinton-Gore Administration to join us in burying this onerous
tax."
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