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(KLZA)-- Missouri 6th District Congressman, Sam Graves from Tarkio helped introduce The Death Tax Repeal Act in January.
In his February news letter, Graves said the death tax is something he has been fighting for years. He says death should not be a taxable event.
The death tax was enacted in 1916 as a way to help pay for World War I. Like many taxes, it was meant to be temporary. Initially, the top rate was 10 percent, but it never went away and nowadays, the death tax can take up to 40 percent of the assets when a person dies. The tax is paid by the children or grandchildren left behind and can force them to sell off a good chunk of the family farm or small business just to make the tax payment which Graves calls wrong.
The legislation proposed in January is designed to end the “temporary” death tax, stopping the double-tax standard.
Graves pledged to continue working to repeal the death tax.
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