U.S. Rep. Randy Hultgren (R-IL) | Contributed photo
U.S. Rep. Randy Hultgren (R-IL) said the time has come to permanently repeal the estate tax and lift this burden from family-owned farms and businesses.
The Death Tax Repeal Act of 2015 (H.R. 1105), passed by the House on Thursday, aims to do just that.
“For 100 years, the death tax has wreaked havoc on family-owned farms and businesses in Illinois and nationwide," Hultgren said. "Contrary to misinformation out there, the tax hits hard-working, average Americans who want to pass on their life’s work to their children. Because assets are many times bound up in land and equipment, countless farmers in Illinois without adequate liquid assets have been forced to sell land in order to pay off the IRS following the death of a family member — adding salt to the wound."
It is estimated the death tax will generate $20 billion this year for the federal government.
"Death should not be a taxable event, and the vast majority of Americans agree," Hultgren said. "Families should not be punished for wanting to see their children prosper and carry on the family business. It’s time for the death tax to die."