The House of Representatives is taking advantage of the focus on the April 15 tax filing deadline to vote on a package of bills introduced to reduce Americans’ tax burdens as well as increase government accountability and transparency. Among them is “The Death Tax Repeal Act of 2015” (H.R.1105) that would eliminate the estate and generation-skipping transfer taxes.
The Ways and Means Committee voted March 25 on a 22 to 10 party-line vote to approve legislation permanently abolishing the federal estate tax, also called the “death tax.” The bill will be brought before the full House this week under Suspension of the Rules, which means that it could come up at any time.
Under current law, individual estates up to $5.43 million per person and $10.86 million per married couple are exempt with those amounts indexed for inflation.
NSSGA supports permanent repeal of the death tax as a critical element of tax relief for the aggregates industry. The death tax kills job creation and economic growth and saps the entrepreneurial spirit.