Congressman Cole Votes to Permanently Repeal Death Tax

Washington, D.C. – Congressman Tom Cole today voted today to once and for all end the death tax that punishes many family owned businesses and farmers in Oklahoma and across the nation. The Death Tax Repeal Permanency Act of 2005 (H.R. 8), which repeals estate and generation-skipping taxes and makes certain reductions of the gift tax permanent, passed in the House today and will now go to the Senate.

"The tax issue that I hear about most consistently from my constituents is the unfair death tax. I agree with them-- death should not be a taxable event," Congressman Tom Cole said. "Not only does it destroy many family operated businesses, it undermines economic growth, reduces real wages, and raises little federal income."

H.R. 8, the Death Tax Repeal Permanency Act of 2005 will remove the 2010 expiration or "sunset" provision of the death tax repeal from the Economic Growth and Tax Relief Reconciliation Act of 2001.

"The last thing the American people and this economy need is a tax hike. With tax day approaching, it is fitting that we pass this tax relief now so families can began to plan for the future with certainty," Congressman Cole said.

The Heritage Foundation estimates that the Death Tax costs the American economy up to 250,000 jobs annually. According to the Joint Economic Committee, the death tax is the leading cause of dissolution for thousands of family-run businesses, diverting resources available for investment and employment.

"The death tax is one of the most anti-growth provisions in the tax code. Repealing it will increase the productivity of our economy and result in increased jobs for Americans," Congressman Cole said.

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