WICHITA FALLS, TX (TNN) - Rep. Mac Thornberry (R-TX) has once again proposed scrapping the estate tax, a proposal he has put forward consistently since fist being elected the the US House in 1995.
Every session Rep. Thornberry proposes repealing the estate tax.
“Tax reform made the death tax less burdensome, but it should be totally eliminated. Death should never be a taxable event. All Americans should be able to work hard, build, and save knowing that they can pass on what they have earned to their children and grandchildren,”Thornberry said. “Americans are required to pay taxes on their savings and incomes while they are alive. They should not have to do so again at death, nor should their children and grandchildren have to bear these taxes.”
The death tax, also known as an inheritance or estate tax requires families to turn over portions of an inheritance to the government.
Critics of the tax say this hurts small business owners, farmers and ranchers who are often particularly vulnerable to the tax. They say it makes it more difficult for future generations to build upon their family’s hard work.
Proponents say the law affects a small percentage of population, roughly 2,000 households per year – or 0.0006% of the U.S. population.
They add the estate tax has been an important source of federal revenue since it’s inception.
Thornberry’s bill has a single co-sponsor, Rep. Newhouse (R-WA). It has been assigned to the House Ways and Means committee.
The estate tax is currently projected to raise $170 billion for the government over the next 10 years.
In 2017, House republicans passed complete repeal of the tax but compromised with the senate on upping the limit.
Now that democrats control the house, it’s very unlikely Thornberry’s proposal will make it through the house.