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AMAC Scores a Legislative Victory!

congressional buildingKilling the Death Tax, Part 1

On Thursday, April 16, AMAC celebrated the passage of H.R. 1105, the “Death Tax Repeal Act of 2015,” by the U.S. House of Representatives. This bipartisan, AMAC-backed bill introduced by Congressmen Kevin Brady (R-TX) and Sanford Bishop (D-GA) promises to permanently repeal the federal estate tax, or “death tax,” and to put to end the immoral double-tax on property transfers that occur upon death.

A key part of the advocacy movement behind the bill, AMAC members helped to achieve this monumental victory for small businesses, families and mature Americans and seniors. In just three days, more than 12,000 AMAC members called and emailed their Representatives, urging them to vote to repeal the death tax once and for all! This outstanding response to the call-to-action campaign played a critical role in conveying AMAC’s message to Congress and securing a positive legislative outcome.

AMAC is very pleased to see Congress take a bold and courageous stand for small business and families, on which the death tax has inflicted substantial harm for many years. Currently, 70 percent of family businesses do not survive to the second generation, and 90 percent do not survive to the third generation. Families hit by the death tax are often forced to sell off land or valuable business assets, lay off workers or even shut down entirely as a result.

While the death tax applies to relatively few Americans and raises only minimal amounts of revenue for the federal government, it imposes significant costs on the American economy in terms of lost jobs and reduced growth rates. It has been devastating to family businesses and the communities in which they operate. In fact, studies indicate that repealing the death tax will actually free up capital for families to expand and grow their businesses and hire new workers. This could lead to increased revenue for the federal government as well as greater prosperity for hard-working Americans long-term.

Moreover, the death tax inflicts tremendous personal pain on families. At a time of great loss and grief, families should not be forced to make difficult choices regarding the future of the property or business they have just inherited. Requiring grieving families to pay a tax on their loved one’s life savings, which have been accrued from income already taxed when originally earned, depicts government overreach at its worst. Families should be given a real opportunity to carry on their loved ones’ legacies by keeping the doors of their businesses open should they so choose.

AMAC firmly believes that death should not be a taxable event. Thankfully, many in Congress agree and have taken the first step to unburdening American business owners and families by passing H.R. 1105. The bill has not yet reached the end of the legislative road, however. H.R. 1105 now advances to the Senate where it will continue to need bipartisan support to become law.

AMAC encourages you to continue to educate and inform your family, friends, colleagues and neighbors about the negative impact the death tax is having on the American Dream. We thank you for your interest in this important American issue and for lending your voice to this vital discussion. It is because of your commitment to conservative principles and your willingness to partake in the democratic process that AMAC is making a difference in Washington.

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Sabel

The following points are from personal experience, your mileage may vary… The survivor of a couple, be it husband or wife, does not pay tax on what is left to him or her by the deceased. That is the first pass down and not subject to inheritance taxes. When the survivor of that union passes away, the children/heirs get hit with the inheritance taxes and, if there was a sizeable estate left, they get hit HARD! My father died in the early 1980’s, leaving my mother comfortably taken care of and leaving a familial trust that, theoretically, would take care of his two daughters for the rest of their lives, at least modestly, depending on what the economy did over the next four or five decades. The only caveat, which our mother was not fully aware of and which the trust attorney/co-trustee of that family trust did not explain, was… Read more »

Lascelles Cornish

I agree it is all for show. The deck is stacked in favor of not have the death tax bill passed because the information has not gotten out to the public how this destroy the Amercian dream, decrease jobs for American, and appeal to the worse fears and resentment of the less educated who mistakenly believe that this would only affect the rich not them. Until the republican and educated democrats inform and educate the American public for the need for this bill it will fail to be passed into law. If the people want to Winn the passage of this bill two things have to happen. 1 show how this destroyers the middle class, in clouding the minority middle class and weaken the resources in the communities, both black and white, brown and others. 2, delay the passages of the bill until you educated the public and pass the… Read more »

Peter Dawson

I agree with Ron. It wouldn’t hurt Bill Gates, Warren Buffet, Oprah Winfrey, Alex Rodriguez, Giancarlo Stanton, George Clooney, Barbra Streisand, etc., etc., etc. and other filthy rich people to pay back some of their wealth to the society that allowed them to prosper beyond their wildest dreams. It would have to include fancy tax dodges to decrease their paper wealth in the taxable pool. Farmers and small business owners would be exempt because they rarely reach the levels of the filthy rich. I understand that the law that AMAC applauds also changes the basis on how inherited items are valued. At the present time the basis of inherited property is the fair market value at the date of death. Therefore, a widow who inherits her husbands half of their jointly owned house can increase her basis in the house to whatever its value is on the date of his… Read more »

HAM

To get 67 votes in the Senate it’s going to take around 14 or 15 Democrats voting for it. I just don’t see that many Dem’s going against what Obama wants. Reid gets on his knees and kisses Obama’s A_ _ daily and he makes sure the others don’t go against what the party wants. I’m inserting the “Chicago Way” here because we all know there is a behind the scenes puppet master with Chicago style enforcement. Even if it passes with a simple majority, Obama has already said he is not going to sign it. He thinks this tax ONLY affects the mega rich. Those of us who live in the real world know this law affects small business owners also who worked hard to provide security and income for the families they leave behind and we also know what Obama’s views are on small business. The problem is… Read more »

Ron

I’ve been a conservative for over 40 years. It used to mean fiscal responsibility. I’m no fan of the death tax, but it could help pay off the national debt (created by BOTH Dems and Republicans). The only other way the debt gets paid is with high inflation. Who wants that? How about this: The first $100 million you inherit is tax free and the rest is taxed at 20%. That would allow the trust fund children to continue to live well while they’re family pays the taxes they should have paid years earlier (but didn’t because the government borrowed the money.) The highest earners pay most of the taxes. Right? But when taxes aren’t collected (deficit spending), who gets the biggest break? The high income earners. We need to do the right thing and pay what we owe. It’s time to get back to fiscal reality and look at… Read more »

Les

It would help our cause if we knew how to reach our Senators and Congressmen by e-mail. I have never seen them published anywhere for my State. That tells me that they do not want comments from the ones that they should be serving.

don

let us move the furniture one more time on the titanic. the only way is to get rid of the IRS, and the 16th amendment. PASS THE (FAIRTAX.ORG)

Dave

As AMAC members we need to flood our senators with email and phone calls to push this through. We can do it! God Bless our soldiers!

Cliff

I agree with Paule. I am not going to get too excited until I see it voted on and passed in the Senate (where these bills usually die)

I. Koelling

Washington D.C., the “District of Corruption”, needs to be completely cleaned. The true citizens, if there are any left, need to wake up as to what is going on and happening to our beloved country.
All of our soldiers who fought to keep our land free and safe, etc. must not have given their bravery and sacrifice of life in vain!!! MY HEART IS BREAKING ! ! !

PaulE

Now lets see if we can get 67 votes for this in the Senate.

David

I just read the bill summary, and it appears that this will also eliminate the current $14,000 annual gift tax exemption.
It will tax ALL gifts up to $10,000 annually at an 18% rate, with the rate increasing to 35% for amounts over $500,000 annually.

It looks, as is often the case, that this bill will severely harm those who inherit LESS THAN $5.43 million, while helping only those at the upper end.
When my Mom eventually passes, my inheritance will likely be under $1 million, much of it in rental property, and the changes in this bill will probably cost me at least 20% of that small inheritance.
Once again, the middle class takes it up the arse.

Hopefully this BAD BILL will die a quick death in the Senate.