“This week in Washington, I chaired
a hearing that examined the devastating impact of the Death Tax on small
businesses. The Death Tax forces businesses to take money from creating jobs
and growing the economy and give it to the federal government. It is yet
another unnecessary and government-created burden on the American job market.
“Under the current tax code, when a family member dies and the business is passed on, a heavy tax – currently 35% - must be paid by family members to inherit what is legally theirs. If Congress does not act before the end of the year, this forced payment will jump to 55%. The committee heard testimony from small business owners from Illinois and elsewhere who argued that simply planning for the Death Tax was burden enough.
“As a cosponsor of HR 1259, the Death Tax Permanency Repeal Act, I will fight for passage of this bill which would repeal the Death Tax. Click here to read my full statement”.
Congressman Walsh sends this reminder: “My staff will hold mobile office hours every Friday from 12:00 p.m. - 4:00 p.m. at the Schaumburg Township Center, One Illinois Blvd. Hoffman Estates, IL. If you cannot make it to one of my district offices, let us come to you.”
“Under the current tax code, when a family member dies and the business is passed on, a heavy tax – currently 35% - must be paid by family members to inherit what is legally theirs. If Congress does not act before the end of the year, this forced payment will jump to 55%. The committee heard testimony from small business owners from Illinois and elsewhere who argued that simply planning for the Death Tax was burden enough.
“As a cosponsor of HR 1259, the Death Tax Permanency Repeal Act, I will fight for passage of this bill which would repeal the Death Tax. Click here to read my full statement”.
Congressman Walsh sends this reminder: “My staff will hold mobile office hours every Friday from 12:00 p.m. - 4:00 p.m. at the Schaumburg Township Center, One Illinois Blvd. Hoffman Estates, IL. If you cannot make it to one of my district offices, let us come to you.”
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