Death Tax in Wisconsin
Issue Overview: The Economic Growth and Tax Relief Act of 2001 reduces death tax rates and increases the exemption every year until the tax is repealed entirely in 2010. While NFIB is working hard to convince the Congress to finish the job and permanently repeal the death tax, NFIB is also working hard to permanently eliminate the estate tax from state tax law.
Wisconsin's small businesses and family-owned farms are especially vulnerable to this unfair tax. Unlike corporate CEOs, most small business owners have the entire value of their business in their estate. As a result, the death tax discourages small business owners and family farmers from passing on years of their hard work to a spouse or future generations of family members.
Wisconsin's death tax also discourages savings and investment, reduces wages and job creation, and is the leading cause of dissolution of family-run businesses.
NFIB Position: NFIB strongly supports legislation that would permanently eliminate Wisconsin's death tax.
