LoBiondo Votes to Protect South Jersey Farmers, Business Owners from So-Called "Death Tax'

Press Release

Date: April 16, 2015
Location: Washington, DC
Issues: Taxes

U.S. Congressman Frank A. LoBiondo (NJ-02) today voted in favor of H.R. 1105, the "Death Tax Repeal Act of 2015," which would provide relief from the estate tax, otherwise known as the "death tax.' The death tax is levied on the value of a deceased individual's assets before they are passed to their heirs.

"For too long, South Jersey business owners and farmers have been subjected to additional taxation on family holdings when their loved ones have died. It is reprehensible that the federal government would seek to capitalize on the death of a family member, often times erasing the hard-work and dedication of generations," said LoBiondo. "The death tax should rightly meet its death once and for all."

LoBiondo has previously supported legislation that would repeal the death tax, including a bill in 2000 that had significant bipartisan backing that was vetoed by then- President Clinton. In 2013, LoBiondo voted for the "fiscal cliff" deal which exempted the first $5 million in an estate (indexed for inflation) from the death tax. It also set the taxable rate to 40 percent, down from a high of 55 percent in prior years. President Obama signed that legislation into law in January 2013.

H.R 1105 would permanently repeal the death tax and was approved by the full House in a bipartisan 240 to 179 vote. It now moves to the Senate for consideration.