Now Is The Time For The Death Tax Repeal Act To Reduce Small Business Regulatory Burdens
The estate tax, known as the death tax, is triggered when assets are passed on to children or family members. For small business owners, this can mean that once they pass away, their business may be severely impacted or even forced to close.
That’s why NFIB supports the Death Tax Repeal Act, which was introduced last month in the U.S. House and Senate to repeal the federal estate tax. The bills were previously considered in 2019 but didn’t proceed out of committee in either house. Now a new Congress has been seated and advocates against the estate tax are continuing the push for change, and you can help.
NFIB is leading a coalition of 89 stakeholder groups in support of the repeal, and today the coalition sent letters of support for the bill’s introduction to Representatives Jason Smith (R-MO) and Sanford Bishop (D-GA) who introduced the bill in the U.S. House and Senator John Thune (R-SD) who introduced it in the U.S. Senate.
In a piece by FOX Business, Courtney Titus Brooks, NFIB’s Manager of Federal Government Relations was quoted, “Repealing the estate tax has been an important issue for small businesses and there is no better time to provide tax relief after this challenging year.”
Titus Brooks added in a statement, “Congress should take every opportunity to reduce costly and unnecessary government regulations, such as the estate tax, to ease the burden on small business owners. We are grateful to Reps. Smith and Bishop and Sen. Thune for re-introducing this important legislation.”
Estate taxes have long been a serious concern for small businesses. According to NFIB research, 44% of small business owners consider it a very important issue. While a relatively small number of business owners end up paying the estate tax, many end up paying for professional guidance on how to prepare for it, or to evaluate the likelihood of being affected by it in the future. Learn more about the coalition of stakeholders fighting to Repeal the Death Tax here.
With small businesses still in a precarious position due to the COVID-19 pandemic, now is the right time to free them from the onerous regulatory burden of estate taxes.
Make sure your voice is heard with lawmakers: Tell them why repealing the estate tax is important to you. Our alert system makes it easy to communicate with your legislators. If they are already supporting the repeal, it will help you send a thank you message. If they are not yet cosponsoring the bill, it will help you customize a message that asks them to support it.
And if you, your family or business has been impacted by the Death Tax, NFIB wants to hear your story – submit it here. Your experience with this regulation can help us educate legislators.
