Thompson Statement Following House Repeal of the Federal “Death Tax”

Washington, D.C. – Today, U.S. Representative Glenn ‘GT’ Thompson (PA-05), issued this statement following passage of H.R. 1105, The Death Tax Repeal Act of 2015:

“Pennsylvania’s families should be able to work hard and save without having to worry about whether their assets can be passed along to their children and grandchildren. The federal tax code should not be punitive, rather we should support small business owners and our family farms. I am pleased the U.S. House of Representatives has taken the first major step forward on reforming this unnecessary burden.”

"Estate taxes can be a significant barrier for farmers seeking to pass their farm onto the next generation. Permanent repeal of the estate tax will help farm families continue to farm after the death of a family member, without having to sell key assets like land or equipment to pay the tax," said Rick Ebert, President, Pennsylvania Farm Bureau.

Currently, more than 70 percent of family businesses do not survive to the second generation, and 90 percent of family businesses do not survive to the third generation. According to a study by former Congressional Budget Office Director, Douglas Holtz-Eakin, the elimination of the Death Tax will create 1.5 million additional small business jobs and would shave almost a percentage point off the unemployment rate.

The Death Tax Repeal Act of 2015 passed the House of Representatives by a vote of 240 to 179.

The following groups support this legislation:

The U.S. Chamber of Commerce

The Pennsylvania Farm Bureau

The Pennsylvania Chamber of Business and Industry

The Pennsylvania Restaurant and Lodging Association

The National Federation of Independent Businesses- Pennsylvania

The Pennsylvania Manufacturers Association

The Manufacturer & Business Association

The Pennsylvania Business Council

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