Missouri Financial Planning Newsroom

DEATH TAX REPEAL INTRODUCED

U.S. Representative Kenny Hulshof (R-MO) and U.S. Representative Robert "Bud" Cramer (D-AL) have introduced the Death Tax Repeal Permanency Act of 2007.

U.S. Representative Kenny Hulshof (R-MO) and U.S. Representative Robert "Bud" Cramer (D-AL) have introduced the Death Tax Repeal Permanency Act of 2007.

"The complete repeal of the death tax has earned bipartisan support and passed the House on numerous occasions," said Hulshof. "Small businesses and family farms face the threat of a punitive death tax that could undo a lifetime of hard work and thrift. If we fail to act, the death tax will come back with a vengeance in 2011. It's time to give taxpayers certainty on this matter of fundamental fairness."

Relief from the death tax was passed in 2001. Current law phases-out the tax until it is completely repealed in 2010. However, if Congress fails to act, the tax will spring back to life, with full job-killing force in 2011, subjecting the hard work of family owned businesses and farms to a tax rate as high as 55%. The bipartisan Death Tax Repeal Permanency Act would permanently extend death tax repeal beyond 2010. The legislation is identical to H.R. 8 from the previous Congress, which passed with a bipartisan 272-162 margin of support. Read more at hulshof.house.gov

Contact Missouri Financial Planning Professional