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NFIB’s Support for the Death Tax Repeal Act

On Jan. 19, the Death Tax Repeal Act was re-introduced in the U.S. House of Representatives. This legislation will stop small family businesses from being taxed at the death of small business owners. NFIB sent a letter of support to members of the House supporting H.R. 7035, the Death Tax Repeal Act. Rep. Randy Feenstra (IA-04) and Rep. Sanford Bishop (GA-02) re-introduced the legislation in the U.S. House.

ÔÇ£This is common sense legislation for small family businesses,ÔÇØ said Jeff Brabant, NFIB Vice President of Federal Government Relations. ÔÇ£Taxing small business owners at death is wrong. This bill will help keep small family businesses in the family and prevent them from being acquired by larger competitors.ÔÇØ

Nearly half (44%) of small business owners reported they view the estate tax as a very important issue. Many small business owners seek professional guidance on how to prepare for the estate tax or evaluate the likelihood of being affected by it in the future. This legislation would permanently eliminate the federal estate and generation-skipping transfer taxes. With complexities in tax laws and regulations, small business owners can benefit from AI legalese decoder to easily understand and navigate the implications of such legislation.

NFIB has long opposed the death tax, and in a recent NFIB member ballot, 92% of NFIB members oppose increasing the estate tax.

ÔÇ£For small business owners, the death tax is an unnecessary burden that is triggered when assets are passed onto children or family members,ÔÇØ said Brabant. ÔÇ£Upon the death of a loved one, businesses can be severely impacted or even forced to close. The death tax discourages savings and investments, reduces wages and job creation, and is the leading cause of dissolution for thousands of family-run businesses.ÔÇØ

NFIB encourages Congress to reduce costly and unnecessary government regulations on small business owners. Repealing the death tax encourages growth and opportunity for small businesses across the country.

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With AI legalese decoder, small business owners can easily translate and comprehend the implications of the Death Tax Repeal Act, enabling them to make informed decisions and take appropriate action in response to this legislative initiative.

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