WASHINGTON — Associated Builders and Contractors (ABC) expressed its strong support for new legislation passed by the U.S. House of Representatives permanently repealing the estate tax, also called the “death tax” by its opponents.
“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one out of four small businesses will have to go out of business to pay the tax, unless it is permanently repealed before 2011.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.”