NATSO joined more than 112 associations representing small businesses across the United States in urging the Senate to vote on the House passed Death Tax Repeal Act of 2015 (H.R. 1105), which would end the federal estate tax.
The Death Tax Repeal Act, which passed the House on a bipartisan basis in April 2015, would permanently repeal the tax imposed on an estate after it is passed to an heir upon the owner’s death. Mirror legislation introduced by Senator John Thune (R-S.D.) has already amassed support from the majority of the Republican caucus.
In a letter sent to each member of the U.S. Senate, the groups cited the death tax’s stifling effect on the U.S. economy and argued for repeal to help America’s family businesses create jobs, expand operations and grow the economy.
A recent 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.
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