Agricultural News
House Ag Chairman Conaway Supports Bipartisan Bill to Repeal Death Tax
Thu, 16 Apr 2015 14:48:05 CDT
House Agriculture Committee Chairman K. Michael Conaway (R-TX) Thursday issued the following statement after the U.S. House of Representatives passed H.R. 1105, the Death Tax Repeal Act of 2015, authored by fellow Texan Rep. Kevin Brady (R-TX).
"As a CPA, I know from experience that the Death Tax hurts individuals who have worked hard and saved all of their lives in order to build up a nest egg for themselves and their families. Farmers and ranchers are hit especially hard, because their assets are primarily land and equipment. When a farmer or rancher passes away, even though he has already paid taxes on everything he owns, the sons and daughters who want to carry on the family tradition will first have to get over the hurdle of a whopping tax penalty that can reach as high as 60 percent. Why would we do that to young people wanting to stay on the farm or ranch? The death tax hurts not only that next generation of farmers and ranchers, but it hobbles an important sector of our economy that creates economic activity and jobs. A repeal of the death tax is long overdue."
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