Washington, DC: Today the Family Business Coalition sent a letter to Senator John Thune (R-SD) and Congresswoman Kristi Noem (R-SD) supporting their introduction of the Death Tax Repeal Act of 2017. 133 trade associations and advocacy organizations representing a wide range of America’s family businesses joined the letter in support the legislation. The coalition letter states in part, “The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.”
Palmer Schoening, Chairman of the Family Business Coalition said: “The Family Business Coalition applauds Senator Thune (R-SD), Congresswoman Noem (R-SD), Congressman Bishop (D-GA) and the original cosponsors of the Death Tax Repeal Act for offering bipartisan, bicameral legislation that will protect family businesses. The Death Tax Repeal Act of 2017 provides much needed relief to family business owners and farmers working with the intent to pass their businesses to the next generation. Comprehensive tax reform should eliminate double taxation like the death tax and encourage the succession of family owned businesses and farms. Family businesses are important pillars in the communities that they are a part of and provide the majority of jobs in the country. According to the Harvard Business Review family businesses account for 60 percent of workers and 78 percent of new jobs.”
Identical legislation in the 114th Congress by Chairman Kevin Brady (R-TX) passed the House of Representatives with bipartisan support, 240-179. The Family Business Coalition will be mobilizing its members to help add cosponsors to the legislation.
The full letter is available here: http://familybusinesscoalition.org/wp-content/uploads/2017/01/FBC-Coalition-Letter-Death-Tax-Repeal-Act-of-2017.pdf
The Family Business Coalition is a diverse collection of organizations and industry groups united for the common purpose of protecting America’s family businesses across the country. FBC works to implement tax policies that help family businesses of all sizes create jobs and continue to the next generation.