HR 7: Urging the United States Congress to support, work to pass, and vote for the immediate and permanent repeal of the federal estate tax.
00 HOUSE RESOLUTION NO. 7 01 Urging the United States Congress to support, work to pass, and vote for the immediate 02 and permanent repeal of the federal estate tax. 03 BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES: 04 WHEREAS the Economic Growth and Tax Relief Reconciliation Act of 2001 05 temporarily phased out but did not permanently eliminate the federal estate tax; and 06 WHEREAS our form of government is premised on the right to enjoy the fruit of 07 one's labor, to own one's own possessions, and to pass on one's bounty to one's heirs; and 08 WHEREAS, when a person works for a lifetime to build assets, saving and investing 09 money, building a business, or buying and developing land, that person has a moral right to 10 pass those assets on to the person's family without being penalized with inheritance taxes; and 11 WHEREAS there is a fundamental problem of double taxation when a decedent's 12 survivors are forced to pay an inheritance tax on assets acquired by the decedent with after-tax 13 dollars; and 14 WHEREAS we need a tax system that encourages lifelong saving, investment, and 15 business activity, and not one that can result in heirs liquidating or selling family businesses 16 that are often asset rich but cash poor, thereby destroying those ongoing job-producing
01 businesses simply to fund increased government consumption; and 02 WHEREAS the persistent uncertainty created by sec. 901 of the Economic Growth 03 and Tax Relief Reconciliation Act of 2001, which provides for the reinstatement of federal 04 estate tax law for decedents dying after December 31, 2010, prevents families and small 05 businesses from fully benefitting from the temporary repeal; 06 BE IT RESOLVED that the House of Representatives strongly urges the United 07 States Congress to support, work to pass, and vote for the immediate and permanent repeal of 08 the federal estate tax. 09 COPIES of this resolution shall be sent to the Honorable George W. Bush, President 10 of the United States; the Honorable Richard B. Cheney, Vice-President of the United States 11 and President of the U.S. Senate; the Honorable Harry Reid, Majority Leader of the U.S. 12 Senate; the Honorable Mitch McConnell, Minority Leader of the U.S. Senate; the Honorable 13 Nancy Pelosi, Speaker of the U.S. House of Representatives; the Honorable John Boehner, 14 Minority Leader of the U.S. House of Representatives; and the Honorable Ted Stevens and 15 the Honorable Lisa Murkowski, U.S. Senators, and the Honorable Don Young, U.S. 16 Representative, members of the Alaska delegation in Congress; and all other members of the 17 110th United States Congress.