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.
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.