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AMAC Signs Letter Supporting Death Tax Repeal Act

FOR IMMEDIATE RELEASE:

AMAC has joined 131 other organizations in signing the Family Business Coalition letter supporting Senator Thune (R-SD) and Congresswoman Noem’s (R-SD) Death Tax Repeal Act of 2017, S. 205 and H.R. 631. AMAC opposes the death tax as an immoral double-tax and opposes any proposal that would increase this horrible tax.

In the last Congress, AMAC members helped bring death tax repeal to the forefront of Congress by urging members to vote in favor of the Death Tax Repeal Act introduced by Chairman Kevin Brady (R-TX) and Sanford Bishop (D-GA).  More than 12,000 AMAC members called and emailed their Congressman in support of the bill.

AMAC stands firmly opposed to the death tax because of the negative impact the tax has on the economy by increasing costs on small businesses. Currently, 70 percent of family businesses do not survive to the second generation, and 90 percent do not survive to the third generation. Families hit by the death tax are often forced to sell off land or valuable business assets, lay off workers or even shut down entirely as a result.

While the death tax applies to relatively few Americans and raises only minimal amounts of revenue for the federal government, it imposes significant costs on the American economy in terms of lost jobs and reduced growth rates. It has been devastating to family businesses and the communities in which they operate. In fact, studies indicate that repealing the death tax will actually free up capital for families to expand and grow their businesses and hire new workers. This could lead to increased revenue for the federal government as well as greater prosperity for hard-working Americans long-term.

Moreover, the death tax inflicts tremendous personal pain on families. At a time of great loss and grief, families should not be forced to make difficult choices regarding the future of the property or business they have just inherited. Requiring grieving families to pay a tax on their loved one’s life savings, which have been accrued from income already taxed when originally earned, depicts government overreach at its worst. Families should be given a real opportunity to carry on their loved ones’ legacies by keeping the doors of their businesses open should they so choose.

AMAC firmly believes that death should not be a taxable event. Thankfully, Senator Thune and Congresswoman Noem have taken the first step to unburdening American business owners and families by introducing H.R. 631, the Death Tax Repeal Act. AMAC is very pleased to see Congress take a bold and courageous stand for small business and families, on which the death tax has inflicted substantial harm for many years.

ABOUT AMAC:

The Association of Mature American Citizens [http://www.amac.us] is a vibrant, vital senior advocacy organization that takes its marching orders from its members.  We act and speak on their behalf, protecting their interests and offering a practical insight on how to best solve the problems they face today.  Make a difference by joining us today at http://amac.us/join-amac.

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15 Comments on "AMAC Signs Letter Supporting Death Tax Repeal Act"

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I have always believed this to be double dipping on the governments part. I hope and pray we are able to abolish this despicable tax. The government are the first to slap the hands of companies that attempt to double dip bill the government in any way. Shame on those that want to collect on the deceased.

get a pay check[tax] save some money[tax] buy anything[tax]sell stock [tax] die[ tax]…don’t stop spending[never occurred to them?]

when will the vote on the issue take place?

ask lizzy warren//chuck shumer?? et al

Thank you AMAC for hitching on with other real people groups in support of repealing the death tax.

Along with repeal of the Death Tax, AMAC should be pushing to eliminate the income tax on Social Security payments. This is also an immoral double tax since income taxes were collected when withheld from wages. 35 states do not tax Social Security payments (even Minnesota is working to phase out this tax!!). Trump was ran on tax reform, but received a lower percentage of the senior vote, possibly due to his position on entitlements including Social Security. He should have at least planned to have it reviewed to determine its long-term viability.

Keep up the fight ladies and gentlemen! God Bless You…we’re praying for AMAC!

Besides repealing the death tax, income tax withholding and estimated tax have to be repealed. Imagine if everyone had to write a check on April 15, the screams from the citizens would be tremendous. It would also end the great unwashed saying, “I don’t pay taxes I get money back”. If you underpay your withholding tax and estimated tax you have to pay a penalty, but if you overpay uncle does not pay you interest. The best way to end these scams, what else would you call it but a scam, is to repeal the 16th Amendment. Besides abolishing the income tax, repeal of the 16th Amendment would also end earmarks as Article 1, Section 2, Clause 3 would have to be followed. This would go a long way to end government waste and government meddling in our lives.

In many ways they tax you in the womb before you are born, when you are born, after you are born, when you die and after you die.

So what is next? They going to dredge up an excuse to tax before you are conceived and then when you are conceived ?

Oh, rats! I hope I haven’t given them any ideas!

:-(

I believe the inheritance tax is necessary to prevent the wealth of our country from ending up in a few families hands. Look at how the central and south american counties have a few families in control of the wealth and the governing of their nations. The argument for the demise of family farms due to taxation is a little like locking the barn door after the horse is stolen. For the few family farms that still exist there should be provisions that would save most of them. I don’t know exactly how, but exempting the first $10,000,000.00 would cover most of them, wouldn’t it? In any case the elimination of thew death tax should not be a major item in tax reform that this country badly needs.

My husband and I were shocked when this double dipping went in to law. It sure needs to go.

Real simiple, we pay enough taxes all our lives, repeal this.

I agree 100%.

The “death tax” has been the death of all too many family farms. It was imposed as a “temporary” tax, and we all know that there is nothing more permanent than a
“temporary tax”.

I’m of the understanding that the former potus was apposed to any such tax measures thus protecting the future of his children and children’s children? Not true?

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