Washington (June 10, 2002) -- The United States Chamber of Commerce applauded House lawmakers for permanently repealing the death tax and called on the Senate to follow suit. The Chamber has long pushed for a full repeal of the estate tax - preserving the livelihood of many small business owners, protecting the jobs of their workers and looking out for the interests of local communities without a substantial revenue loss to the federal government.
"It is high time Congress stopped the long arm of the IRS from reaching beyond the grave," said Thomas Donohue, Chamber President and chief executive. "This is a victory for business owners, farmers, and families who have faced an additional 55 percent tax on their assets."
With a strong bipartisan vote of 256-171, the House of Representatives passed H.R. 2143, the Permanent Death Tax Repeal Act, which completely eliminates the death tax beyond 2010. The tax was being reduced as part of President Bush’s $1.3 trillion tax cut plan, which passed last year.
"We’re going to pull out all of the stops to make sure the Senate follows the House to protect American families who have worked hard all their lives from being forced to sell their businesses or assets in order to pay a death tax," said Donohue. "Death should not be a taxable event."
-- Electronic Accountant Newswire staff
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