Hultgren Supports Legislation to Scale Back Antiquated “Death” Tax
Washington, DC — U.S. Representative Randy Hultgren (IL-14) has joined 59 of his House colleagues in cosponsoring H.R. 6100, the Protect Family Farms and Businesses Act. Recent regulations from the Treasury Department artificially increase the value of many family farms and businesses, which could ultimately force them to pay more in estate, or “death” taxes. For years the Internal Revenue Service (IRS) has discounted interest held in businesses for estate tax purposes—now the IRS plans to count that interest as a percentage of what the business is worth. An inflated value for the interest means the next generation of farmers and small business owners will be paying up to 40 percent more in estate taxes.
“The death tax hurts family farms and small businesses—and it's bad tax policy. It is an unfair double tax on the families of individuals who have paid income taxes for their entire lives, and it is a costly financial burden on loved ones at an especially hard time,” said Rep. Hultgren. “As we continue fighting for full repeal of the unfair death tax, this is an important step we can take now to rein in the IRS.”
Rep. Hultgren is a cosponsor of H.R. 1105, the Death Tax Repeal Act, and voted in favor of the full estate tax repeal in the House last spring. He is also a supporter of H.R. 5204, the Stop Taxing Death and Disability Act, which would exclude student and private loans from gross income due to the death or disability of a student.