A sweeping coalition of over 110 business organizations and free market advocacy groups (including us here at American Commitment) have teamed up to pressure the Senate to vote on permanent death tax repeal.
In a letter to Majority Leader Mitch McConnell, the Family Business Coalition reveals the negative impact the death tax has had on small businesses, and our economy. The letter references a recent Tax Foundation study which found that “the US could create over 150,000 jobs” by repealing the death tax. Additionally, the Joint Economic Committee reports “the estate tax has destroyed over $1.1 trillion of capital in the US economy — loss of small business capital means fewer jobs and lower wages.”
Not only would the repeal of the death tax be a win for our economy, it could also be a win for the government. Analysis shows that “repeal of the estate tax would increase federal revenues by $3.3 billion per year.”
Repealing the death tax also has widespread public support. Polls should that roughly two thirds of the American people want to see this tax repealed, and it’s easy to understand why— we pay enough taxes while we are alive, why should the government hit up a family for money after their loved one has passed away?
Eliminating the death tax will allow businesses to create jobs and expand their operations. It’s the right thing to do for our economy, and it’s the right thing to do morally. The federal government has enough avenues of taxation to obtain funding; it doesn’t need to siphon money from grieving families.
Last year, American Commitment members sent over 20,000 letters to the House urging a vote on death tax repeal and the House listened, scheduling the first House vote on full repeal in over a decade on April 15, 2015, passing on a strong 240-179 vote.
Almost a year later, it’s time for the Senate to do the same. The full letter is below.
Death Tax Letter
Photo Credit: Washington State House Republicans