U.S. Representative Virginia Foxx voted to permanently repeal the Death Tax yesterday. Foxx stated that the Death Tax is a major threat to family-owned businesses and farms because most of their owners have the entire value of their business or farm in th
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U.S. Representative Virginia
Foxx voted to permanently repeal the Death Tax yesterday. Foxx stated that the
Death Tax is a major threat to family-owned businesses and farms because most
of their owners have the entire value of their business or farm in their
estate. Currently, the federal government receives almost half of an estate
when the owner passes away. Foxx believes this is the reason more than
two-thirds of family businesses don’t survive the second generation. The bill
to abolish the Death Tax was passed by the House of Representatives with a vote
of 272 to 162.
