House of representatives votes to repeal estate tax - WALB.com, South Georgia News, Weather, Sports

House of representatives votes to repeal estate tax

ALBANY, GA (WALB) -

Congressman Sanford Bishop is proud the House of representatives passed a bill this week he hopes will keep family farms alive.

He says family farms are declining.

Right now families pay a 40 percent estate tax when a farm or business is handed down when an owner dies.

Critics call it a "death tax," and the House voted to repeal it.

"To me its a tax on success, so we want to make sure they don't have to spend the additional money for lawyers, and accountants, to try and figure out a tax loop hole to get around," says Congressman Sanford Bishop.

Bishop hopes the bill will pass the Senate, though President Obama has said he will veto the bill if it gets to his desk.

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