Congressman Robert Hurt (R-Virginia) released the following statement after voting in favor of the Death Tax Repeal Act, which would repeal the estate and generation transfer skipping tax and reduce the highest gift tax rate:
“The death tax causes serious problems for family farmers and small business owners who want to have their children and grandchildren continue their life’s work. In many cases, this excessive and duplicative tax forces them to sell the farm or business just to pay these punitive taxes, keeping them from passing down the culmination of their lifetime of work to the next generation. Our vote to repeal the death tax today is a crucial step toward implementing a simpler, fairer tax code and ensuring that our small businesses can continue to create the jobs Virginia’s Fifth District needs.
“We must continue to free our Main Street businesses and family farms from government-created obstacles to economic growth, and I remain committed to advancing policies that will spur job creation and economic recovery. I was proud to cosponsor this commonsense legislation and see it pass the House with bipartisan support. I urge our colleagues in the Senate to continue working with us to promote success for our small businesses and family farms so that they can create jobs and generate opportunity and prosperity for our communities.”