NTU urges all Senators to vote “YES” on Senator Jim DeMint’s amendment to fully repeal the death tax. The death tax rate is zero percent this year, but the rate will return to 55 percent at the end of the year if Congress fails to act, thereby devastating many small businesses and family farms.
The economic implications of the death tax are clear: it destroys hard-earned savings and pushes small businesses and family-owned businesses into bankruptcy. Even economists themselves have acknowledged that the tax’s adverse effects on the economy can exceed generated revenues. It is unfathomable that more Members of Congress are not fighting for a complete repeal of the death tax, especially considering that doing so could bring in nearly twice the revenue (from economic growth) that the tax currently yields. Additionally, permanent repeal would create 1.5 million jobs and slash the unemployment rate by a full percentage point over the next two years.
The death tax punishes thrift, savings, and hard work – three attributes that are imperative to getting our economy back on track. In times like these, we cannot afford to crush the talent and dreams of those who aspire to make our nation a better place.
Allowing a zero percent rate to become 55 percent is a terrible policy that must be stopped. Roll call votes on the DeMint Amendment will be significantly weighted in our annual Rating of Congress.
If you have any questions, please contact
NTU Federal Government Affairs Manager Jordan Forbes at (703) 683-5700