The National Federation of Independent Business (NFIB) thanked Sen. John Thune (R-SD) and Rep. Kristi Noem (R-SD) for introducing a bill to repeal the federal estate tax.
“Tax reform starts with small business and repealing the estate tax has been a top priority for small business owners. We are grateful to Senator Thune and Representative Noem, and we hope that their legislation becomes part of the larger reform effort,” said NFIB President and CEO Juanita Duggan. “When the owner of a business passes away, the surviving family members should not have to worry about the federal government scooping up their assets.”
While only a few small businesses may end up being subject to the estate tax, many undertake costly and complicated financial planning to limit potential tax liability. NFIB research shows that more than one-third of members have incurred expenses to protect themselves from the estate tax. An additional 15 percent reported that they plan to incur those expenses in the future.
“The estate tax is especially harmful to family businesses, such as farms, whose assets are tied up on land and real property. Just because they own property that has a high value doesn’t mean they have the liquid assets available to pay the estate tax,” said Duggan.
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