NFIB State Director Rosemary Elebash today thanked U.S. Sen. Richard Shelby for co-sponsoring the federal Death Tax Repeal Act, which has been introduced in both the House and Senate.
“The death tax can be devastating to a family business. Owners’ estates are often made up of land, equipment and other assets that their children must sell so they can afford to pay the estate taxes. Sometimes, the family has to sell the business outright. Repealing the death tax would ease the financial burden on small businesses as they recover from the pandemic and make it easier for owners to pass their life’s work to their children and grandchildren.”
NFIB research shows that 44% of small business owners view the estate tax as a very important issue. A relatively small percentage of business owners end up paying the estate tax but many more seek professional guidance on how to prepare for it or evaluate the likelihood of being affected by it in the future.
