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Today Congressman Bill Posey (R-Rockledge) opposed legislation offered by the Majority to make the “Death Tax” permanent with a top rate of 45%. Under current law the Death Tax will be 0% for 2010.

“The death tax should be allowed to die, yet this bill with its deceiving title, gives it new life,” said Congressman Posey. “Congress needs to start putting policies in place to create the right kind of environment for serious job creation and economic growth. I don’t see how reinstating this massive tax on family owned small businesses creates an incentive for those businesses to hire more employees. It does just the opposite.”

Specifically, H.R. 4154 the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 makes the Death Tax, or Estate Tax, permanent by permanently imposing a top rate of 45%. It also sets the exemption at $3.5 million and fails to adjust this amount for inflation. Inflation will eat away at this exemption year after year.