AMAC On Capitol Hill

AMAC Supports Death Tax Repeal Act of 2013 – S.1183 and H.R. 2429

by Andrew Mangione –

In an effort to support family businesses and mature Americans directly, AMAC is proud to announce our support for a bicameral piece of legislation, the “Death Tax Repeal Act of 2013.”  Representative Kevin Brady (R-TX) and Senator John Thune (R-SD) introduced H.R. 2429 and S. 1183 to protect small businesses and hard-working Americans – especially seniors and their families – from the devastating impact of the Federal estate tax, known more commonly as the “death tax.”  Repealing this destructive tax is critical to keeping family businesses intact and to promoting socially and economically beneficial intergenerational saving.  Currently, more than 70 percent of family businesses do not survive to the second generation, and 90 percent don’t survive to the third generation.  AMAC believes the “Death Tax Repeal Act of 2013” is necessary to stopping these injustices and to promoting principles of personal responsibility, hard work, savings, and intergenerational altruism.  AMAC greatly appreciates Rep. Brady and Sen. Thune’s concern for this issue and their steadfast commitment to older Americans, families, and small businesses.  Thanks to their leadership on this important matter, AMAC is pleased to partner with Rep. Brady and Sen. Thune in combating the Federal death tax.

AMAC Letter of Support

 

If You Enjoy Articles Like This - Subscribe to the AMAC Daily Newsletter!

Sign Up Today
Subscribe
Notify of
20 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
Mickey Marcella
6 years ago

Let’s break it down to this, over simplified statement. Our income is taxed. Our purchases are taxed. Unless there’s a bank loan or credit card statement, when we die, everything is more than paid for. Anything we leave to our family has already been taxed on the front end & the back end. It belongs to the family. Be it a house, car, business or plain old cash in the bank. It’s been taxed. And if it’s cash, the interest has been taxed. It’s all bought & paid for. Rich or poor, enough is enough. Redistribution of American wealth is… Read more »

Jean
6 years ago

The people making the laws are paid from the taxes of the working people and get more in a month than most elderly retired on Social Security and now as I understand it, want to take half of what they own, including their Life Insurance that you are paying so that your children want have to go in debt to pay for the funeral. If that isn’t GREED I don’t know what is.

John Vettel
6 years ago

That the Death Tax is un-American is but part of the equation. The entire Income Tax along with the IRS should go, along with the Sixteenth Amendment. HR-25 fairly shifts taxes from income to consumption, and will soon receive a vote by the Ways & Means committee. Passing it will restore the intent of our Constitution.

Joan Haefeli
6 years ago

I disagree with those who state that there are few small businesses that make $5 million. There are many small businesses worth $5 million or more. I disagree with government, for doing nothing but putting obstacles in the way of all businesses, then demanding 1/2 or more of ANY business, big or small, as a tax on inheritances, personal or business. This is just another way of government gaining control over anything and everything that rightfully belongs to others. This can result in businesses having to sell in order to pay government. We presently have an administration that is taxing… Read more »

Fred Manning
6 years ago

I think all taxes should be stopped that are no more than government greed. We live our lives paying taxes for everything. It is a crying shame that after we are gone, the government wants to take everything we were able to put away for our next generation. I understand that we should pay some taxes to help keep our country in a stable condition but, taking something that is not rightfully there’s is nothing more than theft. Everyone should open there eyes to the fact that over the decades, there have been several socialist presidents and government officials that… Read more »

Julia Miller
6 years ago

I support repealing the Death Tax. Our country is becoming a Socialist Country. Taxed for everything we own. Please
vote to do away with this Tax. The farmers are hurt in so many ways, This is one of them.

Ron Harvey
6 years ago

I do not support repeal of the inheritance tax. As has been stated before, it only affects families whose businesses are in excess of $10 Million. If they repeal the gift tax, they also repeal the inheritance asset exemptions which allows transfer of up to $10M in assets to heirs tax free. If it were a family home which currently transfer tax free with a step up in cost basis, the basis would be what the parents paid for the home and captial gains would be due on sale of the property.

Katherine McAlpin and Arthur Schouw
6 years ago

My husband and I are starting a small business to support ourselves in our “retirement”. My children and grandchildren are all active in helping to build it, and we hope that they will keep it going after we are gone. But unless this “death tax” is repealed there is no hope of that happening. Like so many of the laws passed in the last eight or ten years this tax has only one purpose – to destroy American family values and traditions and make sure nothing can be handed down from generation to generation. This tax must be stopped!

Shirley Wrigh
6 years ago

This tax is very destructive to family businesses. very large businesses probably do the legal things to protect their family interest but a small business will find itself in big legal and finacial diff. after the death of the owner. please remove this tax

shirley wright

Raymond Paskauskas
6 years ago

Sara seems to shrill for the Democrats and other fellow left travelers, making the usual disparagements of successful people and applauding the dubious benefits of 90% taxation. The highest tax bracket was above 80% roughly between 1934 and 1965 and has only dropped to about 39% in 1992. Taxes are a household’s largest expense. Why would I trust bloated Federal bureaucracies to build this country! Obama had no “shovel ready jobs” when he took office in 2008; he just rewarded his teacher union and UAW supporters with our tax dollars after his first election. Knowledgeable small business owners will purchase… Read more »

Lester Beaird
6 years ago

I hope we can shut off the “Kool-Aid” progressive faucet and get back to the nation we could be with this next election cycle. The death tax is only one of the many, many aggressive assaults on free enterprise that are taking place. This time, Brady did good

Sara Oliver
6 years ago

There are few “small businesses” that are worth over 5 million….the cut for what you call “death taxes”…..or inheritance taxes. BUT…..this will be the excuse to remove all inheritance taxes, again gifting the richest to become that much more so. That cap could be raised, and probably should to adjust for inflation. But to allow this to extend to those with many millions and billionaires is beyond foolish. Perhaps you aren’t old enough to know that there was a time then IRS claimed 90%…..but individuals used the deductions to BUILD this country…..businesses, property, apartments, etc……the most profitable period in our… Read more »

Wayne Jordan
6 years ago

As a business broker and estate liquidation specialist, I can attest to the seriousness of this issue. I regularly see sole proprietorships fall apart at the death of the owner, leaving the family without means. I urge all small business owners to contact their representatives and urge them to support this bill.

20
0
Would love your thoughts, please comment.x
()
x