In a vote of 240-179, the House Republicans voted to repeal the Death tax today. Proudly the entire Virginia Republican delegation voted for repeal, except Congressman Scott Rigell. In his press release, the Congressman explains his vote and I will leave it to the reader to agree or disagree with his reasoning:
“Today I voted against cutting the estate tax to zero. As our military absorbs the impacts of sequestration, I cannot justify supporting a bill that adds nearly $270 billion to the debt without providing an offset for these costs.
“Members of Congress hold different views on this, and I understand why many of my colleagues cast a principled vote in support of this bill. However, Congress and the White House have already made significant progress in this area. Legislation signed into law in 2013 allows an individual to pass on $5.4 million without paying an estate tax. A couple can pass on $10.8 million. The bill we voted on today would only affect an estimated two-tenths of one percent of Americans or about 5,500 households.
“Our nation’s financial problems are very serious and if not addressed, threaten the future of every American regardless of age, gender, ethnicity or political affiliation.
“We know with certainty that there will be a 33% increase in the number of seniors enrolling in Medicare and Social Security over the next ten years. Additionally, defense spending cuts driven by sequestration threaten our national security and reduce investments in other critical areas including transportation.
“My focus is on reversing sequestration, protecting our military, and putting our nation on a better fiscal path. I will continue to fight for sound financial policy driven by facts and an unapologetic resolve to pass on to the next generation of Americans the blessings of liberty and freedom.” – Congressman Scott Rigell
With that being said Barbara Comstock voted with the majority of the GOP and the Virginia Delegation and voted against this invasive tax. Her statement is as follows:
“Imagine building up a family business or family farm your whole life only to lose much of that business upon the death of Mom or Dad. Under current law, Uncle Sam swoops in and can take up to 40% of what you spent a lifetime building up for your children and grandchildren. Today we voted to stop that injustice.
“Family businesses are the backbone of the American economy and should not be punished for saving responsibly and investing in our country. This legislation provides hardworking families and small businesses with the economic security they need to create jobs and grow our economy. No longer will families be forced to sell parts of their farms and small businesses in order to pay an unfair tax to the government due to the death of a loved one.
“The Death Tax is double taxation on income already earned and taxed as well as an undue burden on American families. With passage of this legislation, those who own family farms and small businesses will be able to plan ahead for their future and pass along their hard earned businesses to their children and grandchildren.” – Barbara Comstock
This Blogger agrees with Comstocks explanation, I’m curious to what others may be thinking.