Rep. Mac Thornberry (R-TX) recently received the Benjamin Franklin Award
from the 60 Plus Association, a non-partisan seniors advocacy group, for his outstanding efforts to repeal the estate tax.
The estate tax, also known as the death or inheritance tax, obligates families of deceased loved ones to give the government portions of their inheritance. Some say this tax is especially harmful for farmers, ranchers, and small business owners and makes it complicated for American families to build on the hard work of their family’s previous generations.
While serving in Congress, Thornberry has cosponsored or introduced a legislation to repeal the estate tax more than 20 times. This year, he introduced the “Death Tax Repeal Act,” HR 173, on the opening day. If passed, this Act could permanently repeal federal gift, estate, and generation-skipping taxes.
“Since the estate tax was temporarily imposed in 1916 to help pay for World War I, by every measure it’s failed to achieve the purposes its supporters champion,” Rep. Kevin Brady (R-TX), who introduced a bill Thornberry co-sponsored, said. “It’s robbed America’s economy of $1.1 trillion in capital investment. It generates little annual revenue – less than enough to cover one day of Washington spending. It hurts the economy, encourages income inequality and fails to meet any basic standard of fairness.”
Thornberry said he is encouraged the bill to repeal it was passed out of the Ways and Means Committee last week.
“That is an important step to remove the burden the death tax places on family farms, ranches and small businesses,” Thornberry said.