WASHINGTON, D.C. – April 17, 2015 – (RealEstateRama) — Congressman John K. Delaney (MD-6) voted against H.R. 1105, legislation that repeals the federal estate tax. According to the non-partisan Congressional Budget Office, the legislation would add $269 billion to the federal deficit. Under current law, the estate tax only applies to estates worth over $5.43 million dollars, less than one quarter of one percent of the population.
Delaney, the only former CEO of a publicly-traded company in the House of Representatives, authored an op-ed criticizing the legislation in the Huffington Post.
“It’s hard not to look at this vote and conclude that Congress is focusing on the wrong priorities and the wrong agenda,” said Congressman Delaney. “Instead of spending time on special interest legislation that only applies to a small number of the most fortunate Americans, we should work on bills that move the needle for the middle class and create jobs. Giving the heirs of the most fortunate a tax cut isn’t going to get more people back to work, rebuild roads and bridges, or reduce the deficit. The estate tax isn’t perfect, no policy is, but a complete repeal is a drastic and irresponsible measure that is wrong for the country.”