Agricultural News
Congressman Mullin Votes for Death Tax Repeal Bill
Thu, 16 Apr 2015 14:57:24 CDT
Congressman Markwayne Mullin (OK-02) Thursday voted for a bill that would effectively repeal the so-called death tax that has burdened many family-owned businesses, farms, and ranches.
"Family farmers and business owners have invested generations worth of capital in order to grow and develop their operations," said Mullin. "But because the money is tied up in the business or land, families often lack the liquid assets to cover the tax liability when companies or farms are passed down."
The death tax has been a challenge to families across Oklahoma and the United States for the last 100 years. It is estimated that the tax has cost the American economy $1.1 trillion since its creation in 1916. And according to the Tax Foundation, a non-partisan research group, repealing this tax would create 139,000 jobs as well as promote investments that would stir further economic growth.
The bill to repeal the death tax has received support from numerous businesses and organizations, including the Oklahoma Cattlemen's Association (OCA).
"The death tax limits and evens stops, in some cases, the passing of a family ranch or farm to the next generation," said Charlie Swanson, OCA President-elect. "If food production by family ranchers and farmers is important, then the death tax needs to go. Special thanks to Rep. Mullin!"
Mullin, a second-term lawmaker who lives on his family farm in Westville, Okla., has supported efforts to repeal the death tax and to simplifying the overall U.S. tax code.
"As a family business owner, I understand the amount of stress and uncertainty that our tax system puts on our nation's job providers," said Mullin. "Simply put, the fate of the family farm or business should not be determined by unfair rules in our tax code."
In contrast to conservative efforts to repeal the death tax, President Obama's 2016 budget proposal contained a second death tax that would raise the U.S. death tax to the highest in the world.
"Unfortunately, the president fails to understand the harmful effects of the death tax on family businesses and has instead worked to increase tax burdens on Americans," said Mullin. "I'm working to hold the administration accountable for this and other government overreaches."
The bill, H.R. 1105, was passed by the U.S. House of Representatives by a vote of 240-179 and will move to the U.S. Senate for consideration.
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