What it means: NFIB strongly supports the Death Tax Repeal Act, which would allow small business owners to pass their business on to family members without the burden of the federal estate tax and generation-skipping transfer taxes.

Our take: “Taxing small business owners at death is wrong. The death tax discourages savings and investments, reduces wages and job creation, and is a leading cause of dissolution for thousands of family-run businesses. This bill will help keep family businesses in the family and prevent them from being acquired by larger competitors,” said NFIB Principal of Federal Government Relations Kelsey Snyder.

Take Action: Tell your elected representatives to support repealing the death tax.

NFIB has long opposed the death tax because of its significant impact on small family-owned businesses. NFIB sent letters to Senate Majority Leader John Thune (SD), Rep. Randy Feenstra (IA-04), and Rep. Sanford Bishop (GA-02) which showed strong support for their legislation, the Death Tax Repeal Act.

The legislation would permanently eliminate the federal estate and generation-skipping transfer taxes, also known as the death tax. The death tax is an unnecessary burden triggered when assets are passed on to children or family members. This discourages family-run businesses from staying open upon the death of a loved one, which hurts local communities.

Repealing the death tax encourages growth and opportunity for small businesses nationwide. Congress should take this opportunity to reduce costly and unnecessary government regulations on small business owners. Tell your elected representatives to support the repeal of the death tax.