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.

Clarence Ross, Leshawn Witherow Shot On Walden Avenue Friday Afternoon

Chattanooga Police are investigating a shooting that happened early Friday afternoon at the 6300 block of Walden Avenue.  Clarence Ross, 41, And Leshawn Witherow, 40, suffered non-life threatening injuries.  Hamilton County EMS transported both victims to a local hospital for treatment.  There is no suspect information at this time.  Investigators with ... (click for more)

Police Blotter: Con Man Directs Money Card Scam From Speedway Parking Lot; Joyrider Goes On Downtown Spin And Across Bridge On Forklift

At the Speedway on Hickory Valley Road a clerk was scammed out of $3,371.71 in ITune money cards. A caller told the cashier he was with "corporate" and needed to pull ITune cards in amounts of $50 and $100 to move them to another store. He said she needed to ring up the cards to validate them and give him the numbers. The man said he later would cancel out the cards from ... (click for more)

Please, No Short Term Vacation Rentals In My Neighborhood

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Roy Exum: Kelly Could Win It

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Goetz Outlasts Huwe To Win Signal Mountain Pie Run

The annual Signal Mountain Pie Run is one of those races where you don’t have to be the first across the finish line to be the overall winner. It’s a prediction run, so the runner getting nearest his or her predicted time was honored with cash prizes. Gregg Sutton crossed the line next to the old Signal Mountain Junior High with a time of 46 minutes flat, which was exactly ... (click for more)

UTC Defeats VMI, 30-13

UTC junior running back Richardre Bagley rushed for a career-high 189 yards and two touchdowns to lead the host Mocs to a 30-13 Southern Conference win against VMI at Finley StadiuMocs quarterback Alejandro Bennifield threw one touchdown pass and ran for another and Henrique Ribeiro kicked a 30 yard field goal to complete the scoring for the victors. The Mocs led 17-0 at half, ... (click for more)