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Thursday, June 6, 2002
U.S. Chamber Hails Permanent End to Death Tax -- Victory for Family-owned Businesses and Farms
WASHINGTON, D.C. -- The United States Chamber of Commerce today applauded House lawmakers for permanently repealing the death tax and called on the Senate to follow suit.
“It is high time Congress stopped the long arm of the IRS from reaching beyond the grave,” said Thomas Donohue, Chamber president and CEO. “This is a victory for business owners, farmers, and families who have faced an additional 55% tax on their assets.”
The Chamber has long pushed for a full repeal of the death tax -- preserving the livelihood of many small-business owners, protecting the jobs of their workers, and looking out for the interests of local communities without a substantial revenue loss to the federal government.
With a strong bipartisan vote of 256-171, the House of Representatives passed H.R. 2143, the Permanent Death Tax Repeal Act, which completely eliminates the death tax beyond 2010. The tax was being reduced as part of President Bush’s $1.3 trillion tax cut plan, which passed last year.
Small-business owners identified permanent repeal as one of their most pressing concerns. The Chamber initiated a large grassroots push to repeal the death tax over the past year and encouraged tens of thousands of its members to write their representatives. The Chamber will urge senators to pass similar legislation when it comes up for a vote later this year.
“We’re going to pull out all of the stops to make sure the Senate follows the House to protect American families who have worked hard all their lives from being forced to sell their businesses or assets in order to pay a death tax,” said Donohue. “Death should not be a taxable event.”
The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.
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