U.S. House Votes to Repeal Estate Tax, Keep Family Businesses in the Family

Date: April 16, 2015

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For Immediate Release
Contact: Kelly Klass 609-713-4243 or [email protected]
Follow Kelly on Twitter @KellyKlassNFI
Follow NFIB on Twitter @NFIB

Small Business Says Passage of Bill in
House Will Keep Family Businesses in the Family
NFIB
is pleased the House has voted to repeal the Estate Tax

Washington, D.C.,
April 16, 2015
– The House’s action today to repeal the federal estate tax
would ensure that small business would not have to sell off assets or close the
doors when the owner passes, said the National Federation of Independent
Business (NFIB).

“There’s nothing fair about taxing a person’s estate after
they’ve spent a lifetime paying taxes,” said NFIB Vice President of Public Policy Amanda Austin. “Owners who’ve
built up businesses that they want to live on shouldn’t have to worry about the
government swooping in after they pass to tax the survivors.”

NFIB research confirms that 34 percent of NFIB members have
incurred expenses in the last five years in order to protect themselves and
their heirs from estate tax liability, and another 15 percent expect to do so
in the future.

“Typically they’ll purchase expensive life insurance
coverage to cover the cost of the estate tax or make multiple trips to the
attorney’s office to create an estate plan,” said Austin.  “Why should they have to perform financial
gymnastics to protect their families and their assets?”

The House of Representatives
today passed the Death Tax Repeal Act of 2015, which currently levies a tax of
up to 40 percent on assets when a business owner passes away.  As a result, families are often forced to
take out loans, or liquidate parts of their business in order to satisfy their
obligations. This is the first time in 10 years that there has been a vote on a
full repeal of the tax.

“We are hopeful this will put
pressure on the Senate and White House to do the same.”

On Tuesday, NFIB
Key Voted
the Death Tax Repeal Act of
2015
and wrote a letter to each member of the House of Representative.  NFIB has long been in favor of a full repeal
of the Estate Tax.  NFIB is also a
co-director of the Family Business
Estate Tax Coalition
, which is a grassroots coalition of over 60 family-owned
business organizations.

For more information about NFIB please visit www.nfib.com.

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