Washington, DC – Today, U.S. Senator Marco Rubio (R-FL) and U.S. Representative Warren Davidson (OH-08) noted the 9,477 public comments largely opposing the IRS’s recent attempts to unilaterally increase the estate tax burden. November 2 was the deadline for public comments for the death tax valuation discount rules proposed by the IRS in August. These new rules would change the way individuals calculate their estate tax burden, effectively increasing it by up to 30 or 40 percent.
“The widespread opposition to the Obama Administration’s attempt to unilaterally increase the death tax shows just how concerned entrepreneurs and workers are about how this change will impact their pocketbooks,” said Rubio. “The IRS should listen to the American people and cancel this bad idea, and if it does not, Congress should pass legislation to kill it.”
“Thank you to the thousands of everyday Americans and businesses who are standing up and making their voices heard against the IRS’s attempt to increase the death tax,” said Davidson. “Hardworking Americans know firsthand that when you work hard and play by the rules, you should be able to pass on a better life to your children. That is the essence of the American Dream. I hope the IRS hears the voice of the American people loud and clear. Either way, it is Congress’s prerogative to change tax laws, and if the IRS persists in trying to do so unilaterally, Congress must stand up for the American people and block this assault on family farms and businesses.”
On August 4, the IRS proposed new rules that would change the way individuals calculate their death tax burden by making it nearly impossible for individuals to use well-accepted valuation discounts. In September, Davidson introduced H.R. 6100 in the House, and Rubio introduced S. 3436 in the Senate. The bills would block the IRS’s proposed rule and have garnered widespread support, including the endorsements of numerous free market and business groups nationwide.