On March 30, U.S. Senator John Thune (R-SD) introduced legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act of 2023 (S.1108) was introduced with support from Senate Republican Leader Mitch McConnell (R-KY), Ranking Member of the Senate Finance Committee Mike Crapo (R-ID), and dozens of their Senate Republican colleagues. The Death Tax Repeal Act would end a purely punitive tax that has the potential to hit family-run businesses as the result of the owner’s death.
Repealing the death tax would spur job creation and grow the economy while alleviating pressure on family businesses from wasting money on expensive insurance policies and estate planning. These burdensome compliance costs make it even harder for business owners to expand their businesses and create more jobs, and NLBMDA is urging leaders in Congress to move forward with a full repeal of the death tax.
NLBMDA members are encouraged to contact federal lawmakers in support of the Death Tax Repeal Act to provide relief for small businesses all across the country by repealing the death tax.