WASHINGTON, DC – April 16, 2015 – (RealEstateRama) — Congressman Pete Sessions (R-TX), chairman of the House Rules Committee, today released the following statement on the House’s passage of bills that repeal the death tax and make the tax code more fair and reliable:
“Today’s vote to repeal the death tax tells us something we have known for some time: that this tax is absolutely devastating not just for Americans with large stock portfolios, but for families in rural areas running generations-old family farms, small businesses and local operations. My colleagues and I have heard stories time and time again from folks in our districts who have lost everything as a result of this tax after a family member passed away. Now it’s up to the Senate to take the same action to repeal a tax that fails to generate a significant amount of revenue, but has a lasting and shattering impact on the livelihood of so many.
“In addition, the passage of the State and Local Sales Tax Deduction Fairness Act levels the playing field for state and local governments no matter if they are states with an income tax or not. Because of this bill, taxpayers in my home state of Texas will be treated equally to taxpayers from other states. Making this deduction permanent, as this legislation does, makes our tax code more reliable and fair for individuals and business owners, which will only have a positive effect on our economy.
“I am pleased these two important bills passed the House today and am hopeful they will pass the Senate and be on their way to the president’s desk soon.”