Rep. Tom Graves issued the following statement after voting Thursday for the Death Tax Repeal Act (H.R. 1105), which would repeal the estate tax, also known as the death tax:
“Liberals in Washington want to tax every event in life, including death. They view the death of certain people as a pay day for their big government programs. But make no mistake: the death tax is unfair, insensitive to grieving families and punishes hard work. It’s also particularly brutal for families that own farms, as the land and equipment necessary for farming can quickly exceed the exempted amount, causing this devastating tax to be levied on the next generation.
"It’s past time to repeal this unacceptable tax. Every American deserves the ability to pass their life’s savings to their kids.”
The death tax is a 40 percent tax on an individual’s assets, above an exempted amount, when transferred to the next generation after death.