State of Illinois
92nd General Assembly
Legislation

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[ House Amendment 001 ]


92_HR0260

 
                                              LRB9208001RHrhA

 1                          HOUSE RESOLUTION

 2        WHEREAS, Women and minorities are very  often  owners  of
 3    small and medium-sized businesses, and the death tax prevents
 4    their  children from reaping the rewards of a lifetime trying
 5    to make a better life; and

 6        WHEREAS, Farmers often face losing  their  farms  because
 7    the  federal  government  heavily taxes the estates of people
 8    who invested most of their earnings back into their farms and
 9    had only a small amount of liquid savings; and

10        WHEREAS, Employees  suffer  when  they  lose  their  jobs
11    because many small and medium-sized businesses are liquidated
12    to pay death taxes and because high capital costs depress the
13    number  of  new  businesses  that could offer these employees
14    jobs; and

15        WHEREAS, If the estate tax had  been  repealed  in  1996,
16    over the next nine years the United States economy would have
17    averaged as much as $11 billion per year in extra output, and
18    an  average  of  145,000  additional new jobs would have been
19    created; and

20        WHEREAS,  Having  passed  the  United  States  House   of
21    Representatives  by  a  vote of 279-36, and having passed the
22    United States Senate by a vote of 59-39, elimination  of  the
23    death tax has wide bipartisan support; therefore, be it

24        RESOLVED,   BY   THE  HOUSE  OF  REPRESENTATIVES  OF  THE
25    NINETY-SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
26    we urge our elected  representatives  in  the  United  States
27    Congress  to  vote for the repeal of the death tax; and be it
28    further

29        RESOLVED, That a suitable  copy  of  this  resolution  be
30    presented  to  each  member  of  the  Illinois  congressional
31    delegation.

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