U.S. Rep. Randy Hultgren is calling for the repeal of the estate tax, often called the inheritance tax or the death tax.
Last week Hultgren, a Winfield Republican, co-sponsored the "Farmers Against Crippling Taxes Act," which would repeal the tax Hultgren called "unfair" and an "assault" on small business owners and farmers.
Hultgren, who represents Kendall and Kane counties, said the estate tax hurts economic growth by taxing the same assets multiple times.
“As our economy continues to under perform, we must do more to make life more affordable, and encourage people to make the investments in their businesses that will get our economy moving again. The death tax flies in the face of the very foundation of the American dream. Small businesses are the engine of our economy. Entrepreneurship and ingenuity should not be penalized," Hultgren said in a press release.
He added that taxing the same assets over and over as it is passed down in inheritance has the "effect of forcing families out of multi-generational farms or small businesses.”
Proponents of the estate tax, including organizations like United for a Fair Economy, say preserving the tax prevents an economic oligarchy and "holds the wealthy accountable for their fair share of our tax responsibility."
In January the estate tax exemption increased by $130,000, according to the IRS.
The estate-tax exemption for 2013 will be $5.25 million for individuals, up from $5.12 million in 2012, Bloomberg reported. For married couples, the combined threshold is $10.5 million.
Bob Allen
7:25 am on Monday, February 11, 2013
It should not be called the "Death Tax." It should be called the "Pay Your Fair Share you coke-snorting Trust Fund Babies" tax.
John
9:09 am on Monday, February 11, 2013
Wow, Bob, what an ignorant comment. Ask this question, why should the government get ANY money from someone's estate when they die? The person that died already paid their taxes when they were alive so why to they need to pay more? In addition, the estate tax is a tax on assets, not money. So it reduces the persons incentive to save and/or invest.
The money they earned is theirs and does not belong to the government. The current estate tax started in 1916 as a way to help finance the wars we were in. In the 1920's and 1940's, estate tax was used as a way to 'redistribute income' and 'prevent wealth from being concentrated in the hands of a few." Sound familiar? Has it reached its' goal?
Bob Allen
8:33 pm on Tuesday, February 12, 2013
For a far less "ignorant comment," read the January 28, 2013, article in the Wall Street Journal about couples with estates worth more than $10.5 million. Then, read my comment again.
President Dwight D. Eisenhower and President Ronald Reagan would have told you to take your "Death Tax" rhetoric and blow it out your Super PAC tailpipe.
David Edelman
11:11 am on Monday, February 11, 2013
If we are going to have such a law for Farmers - then we need to have it both ways do we not? If we get rid of this tax, do the subsidies then end as well????? I am not 100% sure this is really for family farms as well - sounds more like a move for giant agri-business which is what makes up more and more of our agricuture today that is doing more harm than good as well. I am all for helping family farmers, but a big no vote for the giant Agri-Business who of course does not want any kind of rules or regulations or taxes that in turn hurts family farms....... Would like to know more specfics on this proposal.........
Jim Ryan
12:32 pm on Monday, February 11, 2013
David - this is a couple of years old but I think relevant nonetheless. Your gut feeling is pretty much on target
http://www.cbpp.org/cms/index.cfm?fa=view&id=3223
Rudy
12:21 pm on Monday, February 11, 2013
From what I understand it is the removal of Death taxes on the individual estates like a family business. A corporation is not an individual so it would not help a conglomerate Agri business at all as it has many share holders usually. Even if it does so what you pay income tax, property tax, sales tax, sin tax, tolls, ENOUGH! The government did not earn it so stop stealing it already!
newbie
12:24 pm on Monday, February 11, 2013
I'd like to see Hultgren concentrate on more pressing issues such as gun control,removing all the Bush tax breaks,a jobs bill that really put's people back to work,a bill to stop corporate welfare, cancel all off-shore companies tax deductions,stop this debt ceiling warfare, you know something that will grow the economy and stop this infatuation with "trickledown"effect economy! It does not work!! We the People need congress's help not the top 10%ers!
David Edelman
12:25 pm on Monday, February 11, 2013
And as far as subsidies and crop insurance when floods or droughts happen? If we want a true free market system with no government involved or as you say "enough", should we or should we not do those type of programs?
Rudy
12:47 pm on Monday, February 11, 2013
I truly do believe if unsustainable we should let it fail (Banks Included) if it is sustainable some one will make it work. Our ancestors lived thousands of years with out big brothers help! It would weed out the weak and inept at dealing with change and make them stronger in the long run. IMO
Diane
9:39 pm on Monday, February 11, 2013
1
David Edelman
9:42 pm on Monday, February 11, 2013
2.
Bob Johnson
10:01 pm on Monday, February 11, 2013
I think Randy should vow not to take his own salary until the estate tax is repealed in full. If there is a more gimmicky, empty suit Representative than the one in IL-14 I'd be very surprised. The next day Randy spends crafting meaningful legislation will be his first. Of course, we shouldn't rush him. It is only his second term in office.
Matilda B
7:00 am on Tuesday, February 12, 2013
Thank you for the article Jim Ryan. Hultgren would like to cut taxes for the wealthy and stick it to the middle class. There was a time when the Republican party worked in the interests of the workers/middle class. We need more moderation and a return to the earlier values of the party. Or support the Democrats
rrrr
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