Thornberry introduces bill to repeal estate tax

U.S. Rep. Mac Thornberry, R, Texas – Dist. 13, wasted no time getting to work in 2015, introducing a bill on the first day of the 114th Congress earlier this week. The legislation, the Death Tax Repeal Act (HR 173), is designed to completely repeal the federal taxes imposed on estates left to heirs. Thornberry noted that small business owners, farmers and ranchers who hope to pass personal businesses on to future generations are particularly vulnerable, but have to contend with a tax that may make that impossible. This was backed up by Joe Parker, TSCRA past president and rancher from Byers, who said, “Unfortunately, when it comes time to pass these hard-earned operations on to the next generation, if a rancher can’t afford to pay this tax, they lose their property and their way of life.” Read more at riponadvance.com…