Kevin Brady defends push to eliminate ‘death tax’
The chairman of the House Ways and Means Committee dismissed the idea Friday that the GOP’s push to eliminate the estate tax is a giveaway to “super wealthy” Americans.
Rep. Kevin Brady of Texas said if people don’t want to do anything about income disparity in the United States, then they should stick with the current tax code.
“The death tax, by the way, my belief is it isn’t paid by the super wealthy,” Mr. Brady said on MSNBC’s “Morning Joe.” “It is burdened by our family owned farms and businesses who have worked a lifetime to build up a nest egg.”
Under the GOP plan released Thursday, Republicans are pushing to double the threshold for the estate tax, which the GOP calls the “death tax” to $10 million and phases it out over six years.
Mr. Brady said doing away with the estate tax will pave the way for the creation of 140,000 new jobs.
“So if we want to help get people back to work and get economy going, stop punishing success in a lifetime of hard work,” he said.