Apr 16 2015
"Hard-working Americans with small businesses and family farms have been punished far too long by the 40% death tax, forcing them to close family-owned businesses and parcel out family farms to satisfy the IRS," said Rogers. "We should encourage saving for future generations and driving for success, not reducing capital and breaking up family businesses."
According to the Family Business Alliance, about 70% of family businesses don't survive to the next generation and only about 12% make it to the third generation. Additionally, according to a study by the Tax Foundation, repealing the death tax would increase U.S. capital stock by 2.2% and create nearly 140,000 jobs. Meanwhile and unfortunately, President Obama's proposed budget for fiscal year 2016 would effectively raise the death tax rate to 60% - the second highest in the world.
The State and Local Sales Tax Deduction Fairness Act of 2015 would also save Americans from doubling up on taxes by enacting a permanent deduction of State and local general sales taxes. A temporary provision allowing for itemized deductions of State and local sales tax when determining taxable income expired on January 1, 2015.
"H.R. 622 will restore certainty and fairness for taxpayers, as well as faith in our economy," said Rogers.
Rogers has served Kentucky’s 5th Congressional District since 1981. With a focus on economic development, job creation, fighting illegal drugs and preserving Appalachia’s natural treasures, he has a reputation for listening to his constituents and fighting for the region he represents. For more information, visit http://halrogers.house.gov/ or follow Rogers on Twitter or on Facebook.