Congressman Ted Yoho

Representing the 3rd District of Florida
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Yoho Votes to Repeal The Death Tax and Rein in the IRS

Apr 16, 2015
Press Release

 

Washington, D.C. – Today, Congressman Ted S. Yoho (R-FL-03) voted in favor of permanently repealing the death tax. This bipartisan bill - H.R. 1105 – Death Tax Repeal Actwill help a wide range of Americans, especially family farms, ranches and small businesses. Repealing this unfair tax ends a busy legislative week that saw the passage of seven bills that will rein in and reform the IRS.  

Congressman Yoho gave the following statement:

“This was a busy week passing legislation that will help hardworking American taxpayers. Today we voted to repeal the Death Tax. Yesterday we passed seven bill that take direct aim at reforming the IRS.

“We are blessed to be living in a Constitutional Republic, where through hard work, the entrepreneurial spirit is rewarded. It is this system that has made America great. If you have worked hard to build a business or a personal estate, you should not be penalized by the federal government when you die.

“Under current law, the federal government takes 40 percent of your taxable estate when you pass away. This is not right, especially if you wish to pass your estate on to your children.  A report by the Joint Economic Committee said the estate tax is the ‘overwhelming cause of dissolution of family businesses.’ This bipartisan vote to repeal this unfair and unjust tax was the right thing to do for all hard working Americans.

 “The IRS has never been a beloved agency and over the past few years has not only lost the trust of the public, but has greatly overstepped its authority. This agency needs to be more accountable to the American taxpayer and more transparent. The common sense reforms that the House passed this week will focus on finally making that a reality.”

 

 

Importance of repealing the Death Tax:

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.

     

The IRS reforms passed by the House this week include:

  • H.R. 1058, Taxpayer Bill of Rights Act, Rep. Peter Roskam (R-IL)
  • H.R. 709, Prevent Targeting at the IRS Act, Rep. Jim Renacci (R-OH)
  • H.R. 1026, Taxpayer Knowledge of IRS Investigations Act, Rep. Mike Kelly (R-PA)
  • H.R. 1314Ensuring Tax Exempt Organizations the Right to Appeal Act, Rep. Pat Meehan (R-PA)
  • H.R. 1152IRS Email Transparency Act, Rep. Kenny Marchant (R-TX)
  • H.R. 1295IRS Bureaucracy Reduction and Judicial Review Act, Rep. George Holding (R-NC)
  • H.R. 1104, Fair Treatment For All Gifts Act, Rep. Peter Roskam (R-IL)

H.R. 1058, Taxpayer Bill of Rights Act of 2015 (Roskam)

  • H.R. 1058 would incorporate a taxpayer's bill of rights into the core responsibilities of the IRS commissioner. This would include rights to quality service, to pay no more than the correct amount of tax, to privacy, and to challenge the IRS's decisions and be heard.
  • This bill could help restore taxpayers' trust in both the IRS and the tax code.
     

H.R. 1152, To prohibit officers and employees of the Internal Revenue Service from using personal email accounts to conduct official business (Marchant)

  • This bill would prohibit IRS employees from using personal email for official government business.
  • Events over the past month underscore the need to maintain transparent record-keeping procedures for executive-branch employees.

H.R. 1026, Taxpayer Knowledge of IRS Investigations Act (Kelly)

  • H.R. 1026 would restore accountability to the IRS and give the American people the transparency they deserve.
  • This bill amends the tax code to stop the IRS from using a provision that is designed to protect taxpayer privacy, but is instead used to protect government employees who improperly look at or reveal taxpayer information.

H.R. 1295, To amend the Internal Revenue Code of 1986 to improve the process for making determinations with respect to whether organizations are exempt from taxation under section 501(c)4 of such code (Holding)

  • H.R. 1295 would help prevent the IRS from targeting organizations because of their political or religious beliefs when filing for tax-exempt status.
  • This legislation allows groups to declare their tax-exempt status rather than wait endlessly to gain approval from the IRS. It also gives these groups access to court to challenge IRS decisions.

H.R. 1314, To amend the Internal Revenue Code of 1986 to provide for a right to an administrative appeal relating to adverse determinations of tax-exempt status of certain organizations (Meehan)

  • H.R. 1314 would ensure that all Americans get fair treatment by the IRS.
  • This legislation amends the tax code to restore tax-exempt organizations' right to appeal adverse IRS decisions.

H.R. 709, the Prevent Targeting at the IRS Act (Renacci)

  • H.R. 709 would make political targeting a fireable offense at the IRS.
  • This legislation would authorize the IRS to terminate employees who target individuals because of their political beliefs.

H.R. 1104, Fair Treatment for All Gifts Act (Roskam)

  • This bill would ensure fair and equal treatment for Americans who donate to tax-exempt organizations with the threat of a gift tax audit. By effectively exempting contributions from the gift tax, this bill would shield Americans from even more burdensome taxes and intrusive scrutiny by the IRS.

 

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