05 LC 18
4187S
The
House Committee on Ways and Means offers the following substitute to HR
133:
A
RESOLUTION
Urging
the United States Congress with respect to the federal estate tax; and for other
purposes.
WHEREAS,
under tax relief legislation passed in 2001, the federal estate tax was
temporarily phased out but not permanently eliminated; and
WHEREAS,
farmers and other small business owners will face losing their farms and
businesses if the federal government resumes the heavy taxation of citizens at
death; and
WHEREAS,
this is a tax that is particularly damaging to families who are working their
way up the ladder and trying to accumulate wealth for the first time;
and
WHEREAS,
employees suffer layoffs when small and medium businesses are liquidated to pay
such taxes; and
WHEREAS,
if the tax had been repealed in 1996, the United States economy would have
realized billions of dollars each year extra output and an average of 145,000
additional new jobs would have been created; and
WHEREAS,
the repeal of this tax or the revision of the tax to eliminate confusing
provisions and reduce its impact and burden holds wide bipartisan
support.
NOW,
THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES that the United States
Congress is urged either to enact a permanent repeal of the federal estate tax
or to enact sensible revisions that will provide a $10 million base exemption
with the amount over $10 million taxed as capital gains and to maintain stepped
up basis provisions.
BE
IT FURTHER RESOLVED that the Clerk of the House of Representatives is authorized
and directed to transmit an appropriate copy of this resolution to each member
of the Georgia Congressional Delegation.