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Congress looks at repeal of Estate Tax

Friday, July 27, 2012   (0 Comments)
Posted by: Matt Gruhn
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Congress is busy looking at repeal of the Estate (Death) Tax.

Congressman Kevin Brady (R-Texas) is taking the lead in the House of Representatives and issued a press release on July 26 to release a study by the Joint Economic Committee Republican staff called "Estate Tax Fails on All Fronts.”

The Estate Tax threshold of $5 million and a reduced tax rate from 55 percent to 35 percent is part of the Bush Tax Cuts. However, Congress is looking at some very political legislation prior to the November elections. Most D.C. insiders believe Congress will more seriously look at all the Bush Tax Cuts in a Lame Duck session after the elections.

MRAA has long worked to permanently and totally repeal the Estate Tax, which places an unfair tax on the estates of small business and farm owners and oftentimes causes the property to be sold to pay the tax. Most recently, MRAA signed onto to a letter with other national trade associations and the U.S. Chamber of Commerce expressing its support of the Brady Bill (H.R. 1259) and Estate Tax repeal.

The Brady Bill has 218 co-sponsors in the House of Representatives. On July 26, Congressman Brady also hosted a special call-in press conference on repeal of the Estate Tax. MRAA attended the press conference. Senator John Thune (R- SD), who introduced a companion bill to H.R. 1259 in the Senate (S. 2242) with 37 co-sponsors, also attended the press conference.