Agricultural News
Oklahoma Farm Bureau Calls House Death Tax Repeal Vote a Great Victory for Farmers & Ranchers
Fri, 17 Apr 2015 05:48:27 CDT
A spokesman with the Oklahoma Farm Bureau offered the following statement after the United States House of Representatives passed H.R. 1105, the Death Tax Repeal Act of 2015, with a 240-179 vote. The legislation was authored and championed by Texas Congressman Kevin Brady.
"This is a great victory for Oklahoma farmers and ranchers. We have always considered this an unfair and unnecessary tax. We extend our deep appreciation to Congress, including the entire Oklahoma delegation for helping us kill the death tax."
Previously, at the end of 2012 - Congress passed the American Taxpayer Relief Act - avoiding a return to a 1-million dollar estate tax exemption with a 55-percent tax rate. The legislation provided a permanent exemption of the estate tax of 5-million per individual - 10-million per couple - and raised the top tax rate to 40-percent. The Death Tax Repeal Act would end taxation of estates altogether. Republicans like the idea of repeal- Democrats do not.
Democrats say repealing the tax is a giveaway to the rich, since the only families that pay it have many millions in assets. The bill now goes to the Senate where Democrats appear to have enough votes to block it.
The White House has threatened to veto the bill in part because it would add $269 billion to the budget deficit over the next decade.
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