Washington DC – The discussion to end the harmful effects of the estate tax on family businesses and farms is being taken seriously in the 113th Congress.
Senator John Thune (R-SD) and Representative Kevin Brady (R-TX) have introduced legislation in the Senate and House, respectively, that would repeal the death tax in its’ entirety. SB 1183 and HB 2429 call for a complete repeal with no ‘payfor’.
ASSET joined the bipartisan press conference on June 20, 2013 attended by Senate Minority Leader Mitch McConnell (R-KY), ranking member of the Senate Finance Committee Orrin Hatch (R-KY), sponsor of the bill Senator John Thune, Representative Kevin Brady, Representative Mike McIntyre (D-NC), Representative Kristi Noem (R-SD) and others.
ASSET commends Senator Thune and Representative Brady for introducing this legislation that saves farms, businesses and jobs when the owner dies. The estate tax may have intended to tax the richest of the population, but the ones who end up paying it are not the millionaires and billionaires. Instead, small business owners and farmers are forced to liquidate their businesses to pay Uncle Sam while at the same time grieving the loss of a loved one.
ASSET continues to advocate for a bipartisan solution that could stop the harmful effects of the estate tax immediately. This solution is the ASSET solution. Instead of death being a taxable offense, taxes are collected when there is an economic event at a low capital gains rate. Death should not be taxed and a farm or company that employs working Americans should not have to liquidate or lay off workers when the owner dies.
We are excited that strides are being made in the right direction to reform the estate tax. Our current system does more harm than good. But if there must be a tax, ASSET has a better way.
-Elizabeth Virga, ASSET Staff