Republicans’ Estate Tax Repeal Bill Helps the Wealthy at Expense of Working Americans

WASHINGTON, DC – April 21, 2015 – (RealEstateRama) — House Democratic Whip Steny H. Hoyer (MD) released the following statement today on House Republicans’ bill repealing the estate tax, which would add hundreds of billions to the deficit:

“I am disappointed that House Republicans brought a bill to the Floor today that would add $269 billion to the deficit over the next decade in order to provide an average tax break of $4 million to just 5,400 of the wealthiest families in America each year. Across our country, millions of hardworking Americans who are struggling to make ends meet could use some help from Congress. We should be focused on helping those families – not on the wealthiest few. The House ought to consider legislation to raise the minimum wage and to increase access to opportunities so that more Americans can get ahead.

“The estate tax issue is one that many had thought was settled as part of the fiscal cliff compromise, when Democrats accepted a Republican proposal to set the estate tax where it stands today, including a generous $10.9 million exemption from any tax for families, limiting it only to the top two-tenths of one percent of taxpayers. Make no mistake, the children of working families will bear the massive burden of debt incurred by eliminating entirely this preference for the inherited wealth of a small handful.

“Congress ought to come together and have a serious discussion about reforming our tax code in a way that is fair and that helps more of our businesses grow jobs and gives all of our people an equal shot at the American Dream.”

Contact:
Mariel Saez 202-225-3130