The House of Representatives voted Thursday to repeal the federal tax on estates because “it’s a sad day” when heirs face huge financial burdens after someone dies, Rep. Buddy Carter told Newsmax.
“That doesn’t make any sense at all,” the first-term Georgia Republican said. “Having a death tax in place had done a lot to tear apart family businesses, particularly family farms.
“What we’ve seen is that family businesses and family farms have gone away,” said Carter, who owns three independent pharmacies in his district. “It’s un-American.”
On a 240-179 vote, the GOP-controlled House repealed the 40 percent federal rate on estates — setting the stage for a showdown in the Senate over a bill that Democrats charge affects few inheritances.
President Barack Obama has threatened to veto the bill because it would add $269 billion to the budget deficit over the next decade. Democrats say that huge exemptions limit the share of estates that pay the tax to fewer than 1 percent.