Republicans Plan To Focus On Repeal While Reducing Efforts To Block Rule Affecting Inheritance Levies
South Dakota Sen. John Thune and other top Republicans are planning to launch a new push to repeal the estate tax next year, while scaling back on efforts to force a year-end vote intended to block a proposed US Treasury Department rule that would affect levies on inheritances. Thune, a senior Finance Committee member, has expressed confidence that he would have consensus support for his proposal to repeal the estate tax in the new Congress. “If we can get into a debate about comprehensive tax reform, the odds are good that we can repeal the estate tax,” the South Dakota Republican said. According to Roll Call, Republicans promote repealing the estate “as a way to preserve jobs and save small businesses.” The article adds that some business advocates “have voiced concern about an unfinished estate tax rule and delaying action to kill it.” Bloomberg Politics reported that Senate Finance Chairman Orrin Hatch told Bloomberg News in a statement, “The death tax on family farms, small businesses, ranches and estates has crippled hard-working families for far too long.”
What This Means For Small Businesses
Repealing the estate tax would benefit small business owners, many of which are family-owned or closely-held. Estate tax repeal would make it easier for future generations to continue operating these businesses after the owner dies or retires. NFIB is pushing to ensure that the proposed
regulations from the Department of Treasury, which would increase the estate
tax bill on family-owned businesses, is formally withdrawn in the next
administration. Learn more about NFIB’s work on this issue through the Family Business Estate Tax Coalition.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.