FOR IMMEDIATE RELEASE
Contact: Kelly Klass 609-713-4243 or [email protected]
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Leading Small Business Group Asks Congress What Real Purpose the Estate Tax Serves
NFIB continues to push for a full repeal of the burdensome federal estate tax to protect family-owned businesses
“While Congress has taken significant steps to reduce the impact of the estate tax on small businesses, it’s clear that small business owners remain vehemently opposed to this confiscatory and unproductive tax,” NFIB Manager of Legislative Affairs Matt Turkstra said. “We are pleased that the Subcommittee is focusing on this as a threat to family owned businesses and farms.”
The estate tax is a federal tax levied on the value of property and other assets passed on from one generation to the next. It can be as high as 40 percent. Small business families that do not adequately plan for the tax or face an unexpected death in the family can face the liquidation of their business assets in order to satisfy their obligations.
“Even with the current exemption level, 49 percent of our members either have purchased or plan to purchase products and services related to the estate tax,” Turkstra continued. “This deprives small businesses of valuable time and resources that would be better spent growing the business.”
NFIB is a co-director of the Family Business Estate Tax Coalition, which is a grassroots coalition of over 60 family-owned business organizations dedicated to the full and permanent repeal of the estate tax. Members of the Family Business Estate Tax Coalition will be testifying in front of the Ways and Means Subcommittee today, March 18th. The hearing with be held in room 1310 of the Longworth House Office Building at 10am.
“With the majority of the House of Representatives in support of ending the estate tax, we hope Congress will move quickly to protect family businesses by permanently repealing the estate tax once and for all.”
***NFIB is available for comment
