Congresswoman Stefanik Votes to Repeal “Death Tax”
Washington, D.C. – Today, Congresswoman Elise Stefanik (R-NY-21) voted in support of H.R. 1105, the Death Tax Repeal Act of 2015. This bipartisan legislation that Congresswoman Stefanik cosponsored would amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer tax, commonly referred to as the “death tax”.
“Whenever I travel throughout our district, one of the key tax issues that I have heard about from small businesses and the agriculture community is the negative impact that the Death Tax continues to have on our economy,” said Congresswoman Stefanik. “I remain committed to working to achieve comprehensive tax reform to make our tax code flatter, fairer and simpler, and repealing the death tax is one commonsense reform we can make to protect North Country small businesses and family farms.”
Under current law, the Federal Government takes 40% from taxable estates when a person dies. The death tax is a major reason why family farms and businesses are not able to be passed down from generation to generation. Repealing this tax would allow more North Country farms and businesses to stay in North Country families. This legislation passed the House by a vote of 240-179 and will now be sent to the Senate for consideration.