Thornberry introduces bill to repeal estate tax

Editor's note: The "Death Tax" is a mute point in the Probate Court of Cook County. The thieving lawyers, judges and nursing home owners strip the estate so that nothing is left to tax.  Lucius Verenus, Schoolmaster, ProbateSharks.com

Thornberry introduces bill to repeal estate tax

By Ripon Advance Reports  |  January 9, 2015

U.S. Rep. Mac Thornberry (R-Texas) wasted no time getting to work in 2015, introducing a bill on the first day of the 114th Congress earlier this week.
The legislation, the Death Tax Repeal Act (HR 173), is designed to completely repeal the federal taxes imposed on estates left to heirs.
“The death tax is fundamentally unfair for estates of any size,”  Thornberry said. “Americans are required to pay taxes on their savings and incomes while they are alive. They should not have to do so at death as well, nor should their children and grandchildren have to bear these taxes.”
The bill has become quite popular with lawmakers, already collecting 36 co-sponsors, particularly those in states where farming and ranching are dominant industries.
“The death tax goes against some of the values Americans cherish most,” Thornberry added. “The American people should be able to work hard, build and save knowing that these assets will one day be passed on to their children and grandchildren. Particularly vulnerable to the death tax are small-business owners, farmers and ranchers who hope to pass personal businesses on to future generations, but have to contend with a tax that may make that impossible.”
“Generations of ranching families have worked tirelessly and sacrificed to build successful operations that help feed the nation,” Joe Parker, a third-generation rancher who has served as president of the Southwestern Cattle Raisers Association, said. “Unfortunately, when it comes time to pass these hard-earned operations on to the next generation, if a rancher can’t afford to pay this tax, they lose their property and their way of life.”