An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
Democrat Rep. Sanford Bishop of Georgia Signs on to Estate Tax Rate Reduction Act as Co-Sponsor, Giving Bipartisan Support for Reduction in Estate Tax Rates
The proposed legislation (H.R. 7993) designed to help families pay less on estate, gift, and generation-skipping transfer taxes has a new co-sponsor in Democratic Rep. Sanford D. Bishop (D-GA).
The now bipartisan bill, introduced in April, by sponsor Rep. Jodey C. Arrington (R-TX), a co-chairman of the Congressional Family Business Caucus, is written to amend the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers.
The bill, now with co-sponsor Rep. Bishop, reduces the rate for the tax on estates, gifts, and generation-skipping transfers to 20%.
Under current law, the highest rate for these taxes can be 40%.
The proposed bill also exempts the budgetary effects of the tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.
Rep. Bishop, representing middle and southwest Georgia, serves on the House Committee on Appropriations and the House Committee on Agriculture. Bishop is also part of the fiscally-minded, conservative Democratic Blue Dog Coalition. The coalition’s stated goal is to “represent the center of the House of Representatives and appealing to the mainstream values of the American public.”
Rep. Arrington is a co-chair of the bipartisan Congressional Family Business Caucus, which has 50 House members. The Caucus’s other co-chairs are Rep. Brad Schneider (D-Ill), Henry Cuellar (D-TX), and Rep. Claudia Tenney’s (R-NY).
The next Congressional Family Business Caucus meeting will be held in the Longworth Building on Capitol Hill on September 18.
The Caucus’s goal is to educate Congress on the importance of family businesses to the U.S. economy, which contributes $7.7 trillion annually to the U.S. gross domestic product, according to research. Family businesses are the largest private employers in the country, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce.
“We’re happy to see Rep. Arrington’s bill on reducing estate, gift, and other taxes on family business estates now has full bipartisan support with Rep. Bishop signing on as co-sponsor,” said Pat Soldano, President, Policy and Taxation Group, advocates for Family Offices and successful Individuals in Washington, D.C., and is focused exclusively on the tax and economic Issues that impact them. Soldano is also President of Family Enterprise USA, advocates for generationally-owned family businesses.
“This bipartisan approach will help get this proposed legislation heard in Congress and if passed will help all of America’s families keep their savings strong for generations to come,” said Soldano about the legislation.
For more information on HR 7993 click here: H.R. 7993 on www.congress.gov.
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Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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