Wilson Votes to Permanently End the Death Tax

Jun 10, 2002
Press Release
Repeal of Tax Will Provide Relief to Small Businesses and Farms
Rep. Joe Wilson, R-SC, today voted for H.R. 2143, Permanent Death Tax Repeal Act of 2002, which passed the House by a vote of 256-171. The bill ensures that relief from the death tax enacted last year will not expire in 2011. “I can’t think of a more unfair and immoral tax than the Death Tax. It is fundamentally wrong to tax a person their entire life, and then upon death have the IRS take up to 60 percent of what they have saved,” said Rep. Wilson. “This is a cruel tax that punishes people for working hard and saving enough to pass something on to their children.” According to the National Federation of Independent Business, more than 70 percent of family businesses do not survive the second generation and 87 percent do not make it to the third generation. The death tax is a leading cause of the break-up of family-run businesses. “This tax has hit our state very hard, as last year in South Carolina 1,518 Death Tax returns were filed. In many cases, those who inherit family businesses or farms are forced to lay-off workers, cut salaries, liquidate assets, and even take out loans just to keep the doors open.” “Today, Republicans in the House have said, ‘No more!’ I hope that our Democratic colleagues in the Senate do not stand in the way of yet another bill that will bring relief to American families,” said Rep. Wilson. ###