Alexander Cosponsors Permanent Repeal Of Death Tax

Thursday, October 31, 2013

Senator Lamar Alexander (R-Tn.) on Thursday announced that he would cosponsor legislation by Senator John Thune (R-S.D.) to permanently repeal the federal death tax.

“Nobody should be forced to sell the farm or family owned small business they’ve just inherited in order to pay the tax bill,” Senator Alexander said. “Tennessee benefits from being a low-tax state, and transferring some of that common sense to Washington by eliminating the federal estate tax burden on farmers and small businesses is especially important as we try to get our economy moving again.”

The death tax is a tax on estates that the federal government collects after a property or business owner dies. Currently, the federal estate tax rate is as high as 40 percent, with an exemption for the first $5.25 million in property in 2013.

On Jan. 1, the top federal estate tax rate was set to increase to 55 percent with a $1 million exemption. Alexander supported the “fiscal cliff” agreement (a law named the American Taxpayer Relief Act) that passed the Senate 89-8 and instead made permanent the top rate of 40 percent and the $5 million exemption, adjusted each year for inflation.

Senator Thune’s legislation, The Death Tax Repeal Act, would permanently repeal the federal estate tax, which Senator Alexander said would demonstrate “Tennessee common sense.” On April 27, 2012, the Tennessee General Assembly passed a bill that will eliminate Tennessee’s inheritance tax after 2015.


McCormick Says Tax Increase Is Last Resort For Transportation Infrastructure

House Majority Leader Gerald McCormick released the following statement to clarify previous remarks regarding transportation infrastructure funding: "I would like to take the opportunity to clarify my comments made to the Hamilton County Pachyderm Club yesterday regarding Tennessee’s transportation infrastructure. In no way am I advocating for our state to take on debt to fund ... (click for more)

Medical Examiner Changes Opinion In Case In Which Teen Lost Baby After Beating By Boyfriend

Hamilton County Medical Examiner Dr. James Metcalfe testified Tuesday that he had changed his findings in the death of a teen's foetus after she said she was beaten by her boyfriend. Dr. Metcalfe first listed the death of "Promise Jones" as a homicide due to blunt force injury.  He said he later determined that it could have been as the result of another cause - placental ... (click for more)

Why Chattanooga Should Stop Granting Apartment Complex PILOTs - And Response

A new report indicates why Chattanooga and Hamilton County officials do not need to extend PILOTs to apartment complex developers. Demand is high, therefore developers will continue to build to meet the demand without PILOTs. What is truly needed in the Chattanooga metroplex is low-income affordable housing. “Homeownership Drops to Lowest Level in Decades” ... (click for more)

Roy Exum: Twenty-One, The Wolf

Carl Safina, who is a modern-day genius when it comes to animals and nature, entered my world earlier this week when I read a story he had written about a wolf. Twenty-one, as the wolf was known by his tag number in Yellowstone National Park, was surely the greatest wolf that ever lived. He was legendary in that he never lost a fight when other wolves would challenge his territory ... (click for more)

Dalton Edges Stuart Heights To Conclude Unbeaten Regular Season

The Dalton Dolphins had several key goals when the 2015 Chattanooga Area Swim League season began on the first day of June and they can put a big check mark by the first one, which was to go undefeated in the ever-competitive Blue division. They accomplished that goal before dark on Monday as they defeated a much-improved Stuart Heights squad by a 404-386 final that may have ... (click for more)

Chattanooga Hosts Nashville Friday In NPSL Playoffs

Chattanooga will host this weekend's National Premier Soccer League Southeast Conference playoffs. There are two semifinal matches on Friday with the two winners meeting in the Championship match the following night. “We’re very proud of the team for winning home field advantage,” said board member Krue Brock. “Now that every game is a must-win situation, it will be a big help ... (click for more)