Media contact: Alexei Woltornist (202)-225-6205
FOR IMMEDIATE RELEASE
Washington, DC – Today, Congressman Warren Davidson (R-Ohio) and Senator Marco Rubio (R-Florida) noted the 9,477 public comments largely opposing the IRS’s recent attempt to unilaterally increase the estate tax burden. November 2nd was the deadline for public comments for the death tax valuation discount rules proposed by the IRS in August. These new rules would change the way individuals calculate their estate tax burden, effectively increasing it by up to 30 or 40 percent.
“Thank you to the thousands of everyday Americans and businesses who are standing up and making their voices heard against the IRS’s attempt to increase the death tax,” said Davidson. “Hardworking Americans know firsthand that when you work hard and play by the rules, you should be able to pass on a better life to your children. That is the essence of the American Dream. I hope the IRS hears the voice of the American people loud and clear. Either way, it is Congress’s prerogative to change tax laws, and if the IRS persists in trying to do so unilaterally, Congress must stand up for the American people and block this assault on family farms and businesses.”
“The widespread opposition to the Obama Administration’s attempt to unilaterally increase the death tax shows just how concerned entrepreneurs and workers are about how this change will impact their pocketbooks,” said Rubio. “The IRS should listen to the American people and cancel this bad idea, and if it does not, Congress should pass legislation to kill it.”
Background: On August 4, the IRS proposed new rules that would change the way individuals calculate their death tax burden by making it nearly impossible for individuals to use well-accepted valuation discounts. In September Congressman Davidson introduced H.R. 6100 in the House, and Senator Rubio introduced S. 3436 in the Senate. The bills would block the IRS’s proposed rule. The bills have garnered widespread support, including the endorsements of numerous free market and business groups nationwide.