WASHINGTON, D.C. (March 10, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement from Courtney Titus Brooks, Manager of Federal Government Relations, in response to the Death Tax Repeal Act, introduced in both the U.S. House and U.S. Senate.
“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. 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.”
Rep. Jason Smith (R-MO) and Rep. Sanford Bishop (D-GA) introduced the bill in the U.S. House and Sen. John Thune (R-SD) introduced it in the U.S. Senate.
According to NFIB’s research, 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.