By Staff Reports
(Victor Valley)– Rep. Paul Cook (R-Yucca Valley) today announced that he has signed on as a co-sponsor to the “Death Tax Repeal Act of 2013” introduced by Rep. Kevin Brady (R-Texas). Brady is Chairman of the congressional Joint Economic Committee.
The bill amends the tax code by permanently repealing the federal death tax. It is nearly identical to legislation introduced in the 112th Congress that garnered the bipartisan support of 223 Representatives and 38 Senators.
The death tax imposes a tax on wealth transfers upon death. Congress temporarily phased out the death tax in 2001, but it was resurrected in 2011. Taxable estates are currently charged at a fixed rate of 40%.
Cook said, “The death tax causes more harm than good. This is a punitive tax that unfairly punishes family businesses and farms. Many family businesses don’t have the money to pay death tax liabilities.
“These assets have already been taxed at some point, whether it was income, a home sale, or otherwise. The death tax is a form of double taxation. We need to repeal it completely, once and for all.”
A member of the House Armed Services, Veterans’ Affairs, and Foreign Affairs Committees, Cook is a former educator who served as an infantry officer and retired as a Colonel after 26 years in the U.S. Marine Corps. He was awarded the Bronze Star medal with valor device and two Purple Hearts for actions in combat.