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.
November 25th, 2013
The Honorable Kevin Brady
8th District, Texas
301 Cannon House Office Building
Washington, DC 20515
Dear Representative Brady,
I am writing today on behalf of the 1,050,000 members of AMAC, the Association of Mature American Citizens, to extend our support for your bill, H.R. 2429, the “Death Tax Repeal Act of 2013.” This important piece of legislation seeks to protect small businesses and hard-working Americans – especially seniors and their families – from the devastating impacts of the Federal estate tax, known more commonly as the “death tax.”
The Federal death tax inflicts irreparable harm on individuals and their families, who have often spent their lives working to build a flourishing business so that it can be passed on to the next generation. Currently, more than 70 percent of family businesses do not survive to the second generation – due in large part to the sizeable taxes families are forced to pay on their loved ones’ life savings. Family businesses often have no other choice but to sell valuable business assets to cover the tax. As a result, the death tax is ultimately responsible for closing the doors of many family businesses, discouraging savings and investments, undermining job creation, and thwarting economic growth and ingenuity.
H.R. 2429 offers necessary relief to grieving families and small businesses by permanently repealing the Federal death tax. Repealing this destructive tax is critical to keeping family businesses intact and to promoting economically and socially beneficial intergenerational saving. This legislation rightly puts an end to the penalization of personal responsibility when it comes to saving money, and instead supports a tax system that will promote principles of work, savings, and intergenerational altruism. AMAC strongly agrees that these are principles worth fighting for!
Like many Americans, AMAC remains concerned about the harm the death tax will continue to inflict on families and small businesses if it is not repealed. Thanks to your leadership on this issue and your steadfast commitment to policies that support family businesses and mature Americans, AMAC is proud to support H.R. 2429, the “Death Tax Repeal Act of 2013.”
President and Founder of AMAC