Enrolled HR 7: Requesting the United States Congress to permanently repeal the federal unified gift and estate tax.
00Enrolled HR 7 01 Requesting the United States Congress to permanently repeal the federal unified gift and 02 estate tax. 03 _______________ 04 BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES: 05 WHEREAS the federal unified gift and estate tax generates a minimal amount of 06 federal revenue, especially considering the high cost of collection and compliance; and 07 WHEREAS this "death tax" has been identified as destructive to job opportunity and 08 expansion, especially to small businesses and minority entrepreneurs; and 09 WHEREAS this "death tax" causes severe hardship to growing family businesses, 10 often to the point of partial or complete forced liquidation, thereby depriving state and local 11 governments of an important ongoing source of revenue; and 12 WHEREAS our form of government is premised on the right to enjoy the fruit of 13 one's labor, to own one's own possessions, and to pass on one's bounty to one's heirs; and 14 WHEREAS, when a person works for a lifetime to build assets, saving and investing 15 money, building a business, or buying and developing real property, that person has a moral 16 right to pass those assets on to the person's family without being penalized with inheritance 17 taxes; and
01 WHEREAS there is a fundamental problem of double taxation when a decedent's 02 survivors are forced to pay an inheritance tax on assets acquired by the descendent with after- 03 tax dollars; and 04 WHEREAS we need a tax system that encourages lifelong saving, investment, and 05 business activity, and not one that can result in heirs' liquidating or selling the family 06 businesses that are often asset-rich but cash-poor, thereby destroying those ongoing job- 07 producing businesses simply to fund increased government consumption; and 08 WHEREAS critical state and local leadership assets are unnecessarily destroyed and 09 forever lost to the future detriment of the community through relocation or liquidation; and 10 WHEREAS local and state schools, churches, and numerous charitable activities 11 would greatly benefit from increased employment and continued family business leadership; 12 and 13 WHEREAS a majority of Americans consistently finds the "death tax" to be the most 14 unfair of all taxes and therefore favors total repeal of the tax; and 15 WHEREAS the "death tax" is scheduled to be completely phased out in 2010, only to 16 revert back to a confiscatory 55 percent rate in 2011; and 17 WHEREAS the persistent uncertainty created by sec. 901 of the Economic Growth 18 and Tax Relief Reconciliation Act of 2001, which provides for the reinstatement of federal 19 estate tax law for decedents dying after December 31, 2010, prevents families and small 20 businesses from fully benefitting from the temporary repeal; 21 BE IT RESOLVED that the House of Representatives respectfully requests the 22 United States Congress to permanently repeal the federal unified gift and estate tax, effective 23 immediately. 24 COPIES of this resolution shall be sent to the Honorable Barack Obama, President of 25 the United States; the Honorable Joseph R. Biden, Jr., Vice-President of the United States and 26 President of the U.S. Senate; the Honorable Nancy Pelosi, Speaker of the U.S. House of 27 Representatives; the Honorable Timothy F. Geithner, United States Secretary of the Treasury; 28 the Honorable Lisa Murkowski and the Honorable Mark Begich, U.S. Senators, and the 29 Honorable Don Young, U.S. Representative, members of the Alaska delegation in Congress; 30 and all other members of the 111th United States Congress.