Manzullo votes to kill death tax permanently
WASHINGTONHouse Small Business Committee Chairman Don Manzullo (R-IL) on June 6 said he would vote that day to protect small employers and family farmers from a massive future tax increase by making permanent the death tax repeal provision in the 2001 tax relief law.
Last years tax relief legislation, the largest tax cut in 20 years, phased out what Manzullo calls the immoral and job-killing death tax by the year 2010. Unfortunately, Democrats opposed to tax relief used a technical rule in the Senate to force the tax relief provisions to sunset in 2011. The death tax, which gives the government the right to take up to 55 percent of many farms and small businesses upon the death of the owner, would return in full force in 2011.
The Permanent Death Tax Repeal Act of 2002, which Manzullo promised to support, blocks the return of the death tax in 2011 and makes permanent the repeal of the counterproductive tax. It will protect millions of small employers and family farmers, like the Beuths of Winnebago County and the Halls of Ogle County in Manzullos northern Illinois district, from the return of the devastating death tax.
Richard and Judy Beuth of Seward, Ill., almost lost the family farm three years ago when Richards father died, and the IRS hit them with a huge $185,000 death tax bill. Similarly, Gary Hall and his four sisters of Lindenwood had to sell equipment, sell part of their land, and take out huge loans to pay a whopping $2.7 million death tax bill they received shortly after their father died in 1996.
This immoral tax has already devastated too many family farms and mom-and-pop businesses like the Beuths of Winnebago County and Halls of Ogle County. These families work hard all their lives to put food on our dinner tables, and in the end they simply want to be able to turn their lifes work over to their children, Manzullo said. Its time to once and for all permanently do away with this unnecessary tax so we can give our farmers and small employers the peace of mind in knowing the death tax will never rear its ugly head again.