VIDEO: Smith Supports Death Tax Repeal on House Floor
Congressman Adrian Smith (R-NE) spoke on the floor of the House of Representatives this morning in support of H.R. 1105, the Death Tax Repeal Act. Smith is a cosponsor of this legislation, which passed the House today.
Remarks as prepared:
Thank you, Mr. Speaker. I rise today in support of repealing the estate tax.
Repealing the Death Tax is a top priority for Nebraska’s farmers, ranchers, and small business owners.
Agriculture, particularly raising cattle and crops such as corn, is a land and capital intensive process.
These Nebraskans aren’t sitting on piles of cash – their assets are the land and equipment they use to help feed our nation and the world.
They pay income taxes on what they earn, and they pay high property taxes on their land on an annual basis.
They take pride in this work and want their children and grandchildren to continue in their livelihoods.
They shouldn’t have to jump through hoops to ensure their descendants can continue their work when they pass on.
The Death Tax doesn’t penalize the wealthiest Americans. They can plan their estates and give away their wealth as they see fit.
It penalizes those who have worked all their lives and reinvested in their family businesses to ensure their families and neighbors have every opportunity to be hardworking taxpayers.
I urge a Yea vote, to support growing opportunity in the U.S.
I yield back.