Today, the House will vote on a bipartisan bill to permanently repeal the death tax. In recent weeks, the Ways and Means Committee has heard from a wide range of people—from family farmers and ranchers to small- and minority-business owners—on why we need to get rid of this unnecessary and unfair tax. 

All of these stories reaffirm what Rep. Kevin Brady said when he introduced this legislation: “It’s the wrong tax at the wrong time and hurts the wrong people.”

In case you need a refresher, here are some reasons to support H.R. 1105, the Death Tax Repeal Act of 2015:

The death tax is unfair and in conflict with the American Dream.

• The estate tax, also known as the death tax, is a 40 percent tax on an individual’s transfer of assets in excess of an exemption amount to the next generation at the time of his or her death.

• In many cases, this “estate” is a small business or family farm, and a death tax bill can make a family’s loss even more devastating.

• America was built on small, family-owned businesses. Families have worked hard for years to pass on opportunity to their children—and our tax code shouldn't punish them.

The death tax hurts family businesses and farms.

• Death should not be a taxable event.

• Though it represents just a tiny fraction of federal revenue, the impact on a family can be enormous.

• The death tax can force a family to sell off parts of a business or farm, lay off workers, or shutter a business entirely.

• Assets that can trigger the death tax include land, property, and equipment. And a death-tax liability is often greater than a family business’s liquid assets.

• In fact, the death tax is one of the biggest reasons that family businesses have to close up shop.

The death tax hurts rather than grows the economy.

• Not only can the direct cost of the death tax be devastating, the cost and stress of planning for it can be high as well.

• This is time and money better spent focusing on growing businesses, investing, and helping the economy.

• The estate tax is also double taxation, further penalizing people for saving and investing in our country.

This legislation will provide families the relief they need. It would:

• Repeal the estate tax and the generation skipping transfer (GST) tax for all future transfers;

• Retain the gift tax and lower the top rate from 40 percent to 35 percent; and

• Retain full step-up in basis for transfers at death.

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