AICC, The Independent Packaging Association, joined 200 other groups who signed a letter in support of the Death Tax Repeal Act sent to Capitol Hill by the Family Business Coalition (FBC).
On February 13, Senate Majority Leader John Thune (R-SD) and Rep. Randy Feenstra (R-IA) reintroduced the Death Tax Repeal Act. Both Ways and Means Chairman Smith and Senate Finance Chairman Crapo are original cosponsors as is all of Senate Leadership. JD Vance sponsored this legislation last Congress.
The House bill kicked off with 175 original co-sponsors which is more original co-sponsors than total last Congress, including members of leadership and almost every single member of the House Freedom Caucus. Democrat Congressman Sanford Bishop is the co-lead.
“We appreciate your work to lead the country towards a commonsense tax code that does not impose a destructive double or triple tax at death,” the letter read.
The letter argues that the federal estate tax has resulted in loss of small business capital, fewer jobs and lower wages while repealing the death tax would spur job creation and grow the economy.
“The death tax contributes a very small portion of federal revenues,” the letter said. “The estate tax currently accounts for approximately one-half of one percent of federal revenue. There is a good argument that not collecting the estate tax would create more economic growth and lead to an increase in federal revenue from other taxes. A Tax Foundation analysis found repeal of the death tax would increase federal income taxes by $145 billion over 10 years using a more realistic, ‘dynamic’ economic analysis.”
Additionally, supporters of the repeal say the death tax forces family businesses to incur insurance and estate planning expenses. “The death tax is unfair. It makes no sense to require grieving families to pay a confiscatory tax on their loved one’s nest egg.”
https://boardconvertingnews.com/aicc-among-200-groups-pushing-repeal-of-death-tax/
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