"The Last Thing We Should be Doing in anEconomic Recessionis Raising Taxes on HardworkingAmerican Families"
December 3, 2009 -Congressman Trent Franks(AZ-02) made the following statement after voting against H.R. 4154, the PermanentEstate Tax Relieffor Families, Farmers, and Small Businesses Act, which makes permanent the estate tax or death tax. The legislation would tax an individual's assets at death, despite those assetshaving already been taxedduring that individuals life.
Franks stated, "I have always been a strong advocate of a full and permanent repeal of thefederal Death Tax. Unfortunately, despite their bailouts andstimulus packageresulting in a more than 10%unemployment rate, the Democrats in Congress continue to believe that government is the answer to getting our economy back on solid footing. H.R. 4154 is a fundamentally flawed piece of legislation that makes permanent an unfair tax while neither setting a reasonable rate, providing an appropriate exemption amount, or indexing that amount to inflation.
"Not only does the Death Tax discourage individual savings, it punishes the hard working Americans who have dedicated their lives to building asuccessful family business. Confiscating 45 percent of a family’s after-tax savings, the federal Death Tax penalizes savings, investment, entrepreneurship and ultimately the growth of the economy. This is thelastthing this Congress should be doing during aneconomic recession.
"American families have been burdened by this stifling tax for too long. We should not be penalizing the individuals and families who spend a lifetime embracing the values of thriftiness, saving, and investment.
In 2001, the Republican-led Congress enacted a phase-out of the estate tax, which just four weeks from now will fully repeal the tax for a year. In addition, on six occasions since enactment of the 2001 phase-out, House Republicans supported efforts to make that estate tax repeal permanent.