WASHINGTON – U.S. Rep. John Shimkus (R-Illinois) voted for legislation Thursday that would permanently repeal the estate tax, more commonly referred to as the death tax. The legislation, H.R. 1105, passed the House 240-179.
“It’s long past time for the federal government to stop standing in the way of Americans who want to pass down their family farm to future generations,” Shimkus said. “The death tax hurts our rural economy by robbing us of these vital pillars of the community. It stifles growth, discourages responsible saving and ruins family businesses. It’s time to bury the death tax for good and stop punishing families for living the American dream.”
In a letter supporting H.R. 1105, the Illinois Farm Bureau noted that “land values have doubled and even tripled over the past decade and all it takes is 329 of the most productive acres in central Illinois and 571 of the most productive acres in southern Illinois to reach the current estate tax exemption level. The 2012 U.S. Census of Agriculture puts the average Illinois farm at 476 acres.”
More information on H.R. 1105, the Death Tax Repeal Act, can be found here.