WASHINGTON, D.C.  – Montana’s Congressman, Denny Rehberg, has sponsored legislation with Congressman Kevin Brady (TX-08) to eliminate the unfair and burdensome death tax once and for all.  If enacted, H.R. 1259, the Death Tax Repeal Permanency Act of 2011 would permanently eliminate the burdensome death tax.  It would also make permanent the maximum 35% gift rate and a $5 million lifetime gift tax exemption.

“Montana’s small businesses, farmers and ranchers may look rich to the IRS suits in Washington, but we all know the reality on the ground isn’t so rosy” said Rehberg, a fifth generation Montana rancher.  “The Montana families have their value stored in land or equipment.  They’re not jet-setting around Montana in private jets, they’re working hard to scrape by a well-earned living so their kids and grandkids can have a better life.  They’re not just living the American Dream, they are the American Dream.”

Rehberg supported legislation that eliminated the Death Tax by 2010.  Unfortunately, the temporary extension passed last year brings back draconian 55 percent tax rates for dying, and offering only a $1 million exemption.  That is, unless Congress acts by 2013.

“With our cost of production becoming more capital intensive every year, it is imperative that the death tax be eliminated if we expect the next generation of farmers to continue to produce the world’s food supply,” said Ryan McCormick, treasurer of the Montana Grain Growers Association and a grain producer from Kremlin, MT.

To read the original article on Right Montana, click here.