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Rep. Jodey Arrington, R-Texas, chairman of the Home Finances Committee, has launched laws, the Property Tax Fee Discount Act, to chop the property tax in half — to twenty% from 40% — because it’s “the best tax fee” within the U.S. Tax Code.
The invoice, H.R. 7993, launched on April 15, would scale back “the tax burden on family-owned companies” in addition to permit “enterprise homeowners to take a position extra of their hard-earned cash in increasing their operations and creating jobs,” Arrington mentioned in an announcement.
The property tax is “an unfair double tax that would pressure the subsequent technology to promote their household enterprise — on which they’ve paid a lifetime of taxes — to pay one other tax merely due to a member of the family’s passing,” Arrington mentioned. “I’m proud to introduce laws to chop this punishing and pointless monetary burden.”
Election Speak to Embody Property Tax Coverage
The U.S. has “a really beneficiant property tax code right now,” Jeff Bush of The Washington Replace informed ThinkAdvisor Friday in an electronic mail. “The dialogue round tax reform heading into the election and once we truly start the method, post-election, will embrace property tax coverage.”
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