At a Capitol Hill press conference today, U.S. Congressman Mike McIntyre co-introduced legislation in the U.S. House to permanently repeal the federal estate tax. Enacting this bill, better known as the death tax, will finally put an end to the punitive tax on family farms and small businesses upon the death of an owner.
Congressman Mike McIntyre stated, "The death tax penalty is the wrong tax at the wrong time on the wrong things! It is time to once and for all remove this unfair burden placed on our family farms and small businesses. Ensuring passage of farms and businesses to the next generation of family members is the American way, and we must work to make sure this opportunity continues to exist for North Carolinians and all Americans who have worked a lifetime building for their families."
Currently more than 70 percent of family businesses do not survive to the second generation, and 90 percent of family businesses do not survive to the third generation. According to a study by former CBO Director Douglas Holtz-Eakin, repealing the death tax would create 1.5 million additional small business jobs and would shave almost a percentage point off the unemployment rate.
McIntyre's bill is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, 60 Plus Association, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, American Conservative Union, Family Business Coalition, and many others.
Joining McIntyre at today's press conference on Capitol Hill was a broad coalition of Members of Congress and national organizations. McIntyre is an original co-sponsor of the bill with Congressman Kevin Brady, R-Texas. The legislation was formally introduced in the U.S. House and U.S. Senate today.