Schock Opposes Death Tax Plan That Harms Family Farmers
Schock votes against death tax bill that is not indexed for inflation
Contact: Dave Natonski
Dec 3, 2009 -
Today, Congressman Aaron Schock (R-IL) voted against H.R. 4154, the Democrat’s Permanent Death Tax Bill, when it passed the House by a vote of 225 to 200.
This legislation makes the death tax permanent with a tax rate of 45 percent on all assets inherited above $3.5 million, which is not adjusted for inflation. Because H.R. 4154 is not adjusted for inflation, it will gradually hit more and more families, farmers and businesses, much like the Alternative Minimum Tax.
“By not indexing the death tax for inflation, we are simply ensuring it’s going to have a negative impact on families, farmers and small businesses in the near future,” said Schock. “Within ten years, this legislation assures the average farm in 18th District of Illinois will be burdened with the death tax. To truly minimize the impact the death tax has on family farmers we should pass a bill that waives payment of this tax, provided the land stays within the family.”
Congressman Schock is a cosponsor of
• H.R. 3464, The Death Tax Repeal Permanency Act, which completely does away with Death Tax as of 2010
• H.R. 3905, the Estate Tax relief Act, which what sets the rate at 44 percent and $3.5 million cap in 2010, eventually getting to 35 percent and $5 million in 2019
• H.R. 3524 the Family Farm Preservation and Conservation Estate Tax Act, which allows farmers and ranchers to waive payment of estate tax as long as land stays within family and remains in agricultural production or is placed into a conservation easement.