“Permanent death tax repeal will help family-owned construction businesses,” said Bill Spencer, ABC’s vice president of government affairs. “Approximately one out of four small businesses will have to go out of business to pay the tax, unless it is permanently repealed before 2011. When a business is forced to close because it cannot afford to pay death taxes, valuable long-term employees lose their jobs. The death tax is unfair, penalizes working families, and is a hindrance to the American dream. ABC applauds the House for passing this vital legislation and urges the Senate to follow suit.”
Reps. Jennifer Dunn (R-Wash.) and Bud Cramer (D-Ala.) introduced H.R. 8, the “Death Tax Repeal Permanency Act of 2003.” The previous estate tax legislation is currently set to sunset in 2010, which would bring the tax back. This legislation makes the repeal permanent.
Publication date: 06/16/2003