WASHINGTON D.C. – Rep. Jackie Walorski (IN-02) made the following statement after H.R. 1105, Death Tax Repeal Act of 2015, passed the House by a vote of 240-179:
“For too long, the death tax has undermined small businesses and the life savings of farmers across Indiana and has become the number one reason why family-owned businesses aren’t passed down to the next generation,” said Walorski. “Instead of stifling the hardworking, middle-class Americans who are the backbone of our economy, Hoosier businesses and farmers deserve the chance to thrive.”
H.R. 1105 amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes. It also establishes the maximum 35 perfect gift tax rate and the lifetime gift tax exemption.