Smith Questions Treasury Secretary About Death Tax

WASHINGTON, DC - Today, Congressman Adrian Smith (R-NE) questioned United States Secretary of the Treasury Timothy Geithner about the negative impact of the Death Tax on Nebraska's farmers, ranchers, and small business owners. Secretary Geithner testified before the Committee on Ways and Means about President Obama's FY 2012 Budget, which was released on Monday.

"President Obama's proposal to increase the Death Tax is unacceptable and unfair to hardworking Nebraskans. Raising this tax would cause thousands of Nebraska farmers, ranchers, and small business owners to fall victim to the onerous Death Tax and threaten their existence from one generation to another," Smith said after the hearing. "We need to provide job creators with as much certainty as we can to encourage savings, create jobs, and make investments. I continue to support a permanent repeal of the Death Tax, and I look forward to working with my colleagues to achieve this."

Beginning in 2013, President Obama's budget would increase the Death Tax to a top rate of 45% with a $3.5 million exemption. Currently, the top rate is 35% with a $5 million exemption.

Smith sits on the influential Committee on Ways and Means which enables him to serve Nebraskans through engagement on critical issues including trade agreements, tax reform, Medicare, and Social Security.

To view video of Smith's question to Secretary Geithner, click here.