NATSO joined more than 132 small business and advocacy organizations across the United States in supporting the Death Tax Repeal Act of 2017, which would end the federal estate tax.
Introduced in the House by Reps. Kristi Noem (R-S.D.) and Sanford Bishop (D-Ga.) and Senator John Thune (R-S.D.) in the Senate, H.R. 631/S. 205 would permanently repeal the tax imposed on an estate after it passed to an heir upon the owner’s death.
In a letter sent to Sen. Thune and Rep. Noem and House and Senate Leadership, the Family Business Coalition, of which NATSO is a member, said it supports full and permanent repeal of the death tax citing its stifling effect on the U.S. economy. The businesses and trade groups argued for repeal to help America’s family businesses create jobs, expand operations and grow the economy.
A Tax Foundation study found that the United States could create more than 150,000 jobs by repealing the estate tax. A 2012 study by the House Joint Economic Committee found that the estate tax has destroyed more than $1.1 trillion of capital in the U.S. economy, leading to fewer jobs and lower wages.
“It makes no sense to require grieving families to pay a confiscatory tax on their loved one’s nest egg. Far too often this tax is paid by selling family assets like farms and businesses. Other times, employees of the family business must be laid off and payrolls slashed. No one should be punished for fulfilling the American dream,” the letter states. “The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.”
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