Hultgren Seeks to Kill the Death Tax

Congressman co-sponsors legislation to end tax code he calls "immoral" and "unfair."

U.S. Rep. Randy Hultgren is calling for the repeal of the estate tax, often called the inheritance tax or the death tax.

Last week Hultgren, a Winfield Republican, co-sponsored the "Farmers Against Crippling Taxes Act," which would repeal the tax Hultgren called "unfair" and an "assault" on small business owners and farmers.

Hultgren, who represents Kendall and Kane counties, said the estate tax hurts economic growth by taxing the same assets multiple times.

“As our economy continues to under perform, we must do more to make life more affordable, and encourage people to make the investments in their businesses that will get our economy moving again. The death tax flies in the face of the very foundation of the American dream. Small businesses are the engine of our economy. Entrepreneurship and ingenuity should not be penalized," Hultgren said in a press release.

He added that taxing the same assets over and over as it is passed down in inheritance has the "effect of forcing families out of multi-generational farms or small businesses.”

Proponents of the estate tax, including organizations like United for a Fair Economy, say preserving the tax prevents an economic oligarchy and "holds the wealthy accountable for their fair share of our tax responsibility."

In January the estate tax exemption increased by $130,000, according to the IRS.

The estate-tax exemption for 2013 will be $5.25 million for individuals, up from $5.12 million in 2012, Bloomberg reported. For married couples, the combined threshold is $10.5 million.

David Edelman February 12, 2013 at 03:42 AM
Bob Johnson February 12, 2013 at 04:01 AM
I think Randy should vow not to take his own salary until the estate tax is repealed in full. If there is a more gimmicky, empty suit Representative than the one in IL-14 I'd be very surprised. The next day Randy spends crafting meaningful legislation will be his first. Of course, we shouldn't rush him. It is only his second term in office.
Matilda B February 12, 2013 at 01:00 PM
Thank you for the article Jim Ryan. Hultgren would like to cut taxes for the wealthy and stick it to the middle class. There was a time when the Republican party worked in the interests of the workers/middle class. We need more moderation and a return to the earlier values of the party. Or support the Democrats
Bob Allen February 13, 2013 at 02:33 AM
For a far less "ignorant comment," read the January 28, 2013, article in the Wall Street Journal about couples with estates worth more than $10.5 million. Then, read my comment again. President Dwight D. Eisenhower and President Ronald Reagan would have told you to take your "Death Tax" rhetoric and blow it out your Super PAC tailpipe.
rrrr March 20, 2013 at 01:54 AM
http://www.usaxcoachfactoryoutlet.com/ Coach Factory Outlet http://www.coachxpursesoutletonline.net/ Coach Purses Outlet Online http://www.coachbags2013-vip.net/ Coach Store Online http://www.coachisoutlet.com/ Coach Outlet http://www.usfactoies.com/ Coach Factory Outlet Online http://www.bagscoupon2013.com/ shop.coachfactory.com http://www.uswcoay.com/ Coach Outlet Online http://www.bagsoutletfans.com/ Coach Factory Online http://www.buynewbags2013.com/ coachfactory.com/shop http://www.monstervbeats.net/ Monster Beats Outlet Beats By Dre Custom http://www.guccishoesuk.net/ Gucci Shoes Outlet http://www.newmichaelkorspurses.com/ Michael Kors Outlet Online Michael Kors purses http://www.mk-michaellkorsoutlet.net/ Michael Kors Outlet http://www.northfacejacketsoutletonline.net/ North Face Jacket Outlet North Face Outlet


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »