American - Politician | February 7, 1941 -
In 2001, Congress passed much needed tax relief to allow Americans to keep more of their hard earned money and spend it as they see fit - rather than how the federal government sees fit.
Doc Hastings
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Unfortunately, actions taken by the Senate ensured that relief from the death tax would only be temporary and that it would come back to life at the full rate again in 2011.
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In six short years, small business owners and family farmers will once again be assessed a tax on the value of their property at the time of their death, despite having paid taxes throughout their lifetime.
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This is a form of double taxation and it's simply unfair.
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With my support, the House of Representatives recently voted to permanently repeal the death tax so that family farms and businesses can be passed down to children and grandchildren.
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With the permanent elimination of this tax, farmers and business owners will have the sense of security they need to plan for the financial future of their business or farm and their family.
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Our region's economy was built upon their entrepreneurial spirit, and our economy still depends on the continued success of the enterprises they have worked so hard to create.
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I hope that the Senate acts quickly to pass this legislation so that Americans will no longer worry about having to sell the family farm or business to pay taxes after the death of a loved one.
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The men and women on the front lines of the war on terror continue to risk their lives to save ours - and for that we owe them a debt that we can never truly repay. Thanks to their efforts we have made tremendous progress. Yet, the job is not done.
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