WASHINGTON DC Today House Democrats brought a vote to the House floor that reinstates the dreaded Estate Tax also known as the Death Tax" at 45 with a $3.5 million exclusion amount. The death tax expires for one year beginning on January 1 2010 before resurfacing in full force on January 1 2011.
As a CPA and former small business owner this is a subject that I am very passionate about" said Conaway. First and foremost the death tax is bad policy and needs to be fully repealed. Democrats propose that this bill will provide a permanent fix to the estate tax but the tax is not adjusted for inflation and does not adjust the alternative valuation for farmland or the deduction for family-owned businesses."
Congressman Conaway offered two amendments to the bill that would adjust the exclusion amount to inflation and increase the alternative valuation for farmland to $1.85 million (adjusted to inflation) and $2 million for family owned businesses. Unfortunately Speaker Pelosi would not allow these permanent fixes to come to the floor. However Conaway hopes to work with moderate and Blue Dog Democrats to gain support for a full repeal of the death tax to lift the burden from Rural America and small businesses.
Conaway went on to say The death tax imposes a huge financial burden on American families and small businesses while simultaneously destroying jobs and lowering wages for workers. Taxing death is bad policy and I will continue fighting to repeal the estate tax permanently to remove the heavy hand of the government from pushing on the backs of ou
WASHINGTON DC Today House Democrats brought a vote to the House floor that reinstates the dreaded Estate Tax also known as the Death Tax" at 45 with a $3.5 million exclusion amount. The death tax expires for one year beginning on January 1 2010 before resurfacing in full force on January 1 2011.
As a CPA and former small business owner this is a subject that I am very passionate about" said Conaway. First and foremost the death tax is bad policy and needs to be fully repealed. Democrats propose that this bill will provide a permanent fix to the estate tax but the tax is not adjusted for inflation and does not adjust the alternative valuation for farmland or the deduction for family-owned businesses."
Congressman Conaway offered two amendments to the bill that would adjust the exclusion amount to inflation and increase the alternative valuation for farmland to $1.85 million (adjusted to inflation) and $2 million for family owned businesses. Unfortunately Speaker Pelosi would not allow these permanent fixes to come to the floor. However Conaway hopes to work with moderate and Blue Dog Democrats to gain support for a full repeal of the death tax to lift the burden from Rural America and small businesses.
Conaway went on to say The death tax imposes a huge financial burden on American families and small businesses while simultaneously destroying jobs and lowering wages for workers. Taxing death is bad policy and I will continue fighting to repeal the estate tax permanently to remove the heavy hand of the government from pushing on the backs of ou
