Wilson: “Americans Should Not Be Penalized for Providing for Their Families’ Futures”

FOR IMMEDIATE RELEASE

CONTACT: Emily Lawrimore
202-225-2452 (W)
202-468-3258 (C)

June 22, 2006

Wilson: “Americans Should Not Be Penalized for Providing for Their Families’ Futures”

156 Democrats Oppose Reducing Death Tax

Today, Congressman Joe Wilson (SC-02) made the following statement after the U.S. House of Representatives passed the “Permanent Estate Tax Relief Act of 2006” (H.R. 5638) by a 269 to 156 vote:

“Whether they invest their hard-earned money or build businesses in their communities, millions of Americans work for years to ensure that they are able to leave a valuable inheritance to their families. After already taxing this income at least once, the federal government should not have the opportunity to levy another expensive tax upon the American people at death.

“While I was not surprised, I was extremely disappointed that 156 Democrats demonstrated their strong support for the ’death tax.’ Since when should the American people be penalized for providing for their families’ futures? By acting to permanently reform this unfair tax, House Republicans are working to ensure that people throughout our country will continue to strive for the American dream.”

The Permanent Estate Tax Relief Act of 2006, reunifies the estate, gift, and generation-skipping transfer taxes and increases the estate and gift tax exemption to $5 million per person. In addition, married couples can carry-over any unused part of their spouse’s $5 million exemption. For estates between $5 million and $25 million, the rate of tax will be the same as the capital gains tax rate. On estates valued at more than $25 million, the top marginal rate of tax will be double the capital gains tax rate.

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