April 30, 2014
Hanna supports bill to permanently abolish tax on small businesses, family farms
WASHINGTON, D.C.– U.S. Representative Richard Hanna wants to put an end to the federal estate tax, better known as the “death tax.”
That’s why Rep. Hanna has cosponsored a bill that would permanently repeal the death tax, which is a punitive tax on family farms and businesses upon the death of an owner. The Death Tax Repeal Act of 2013 would put an end to the government taxing business owners when they die.
“We see people work their whole lives to grow a business through hard work and saving and then upon death the government feels it’s entitled to a piece of someone’s business? It’s immoral and wrong,” Rep. Hanna said. “This death tax punishes entrepreneurs and farmers. It prevents businesses from being passed on to a second or third generation, and we should repeal it for good.”
The bill is sponsored by U.S. Representative Kevin Brady (R-Texas) who is chairman of the Joint Economic Committee. Rep. Hanna serves on the Joint Economic Committee, which estimates that the death tax has caused the economy to lose $1.1 trillion in capital stock. That translates into slower economic growth and lost jobs.
Several national organizations support the bill, among them: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.
“New York Farm Bureau has long advocated for estate tax reform. As farm families look to pass along their legacy to the next generation, the estate tax stands in their way as a costly hurdle to overcome,”said Dean Norton, President of New York Farm Bureau. “No portion of a family farm should ever have to be sold off to pay a death tax. We support Rep. Hanna’s efforts to repeal this needless burden.”
“Repealing the estate tax remains a major priority for small businesses nationwide, and especially in New York state,” said Matt Turkstra, Manager of Legislative Affairs at the National Federation of Independent Business (NFIB). “Nearly half of NFIB’s small business owners have taken or plan to take money out of their business to pay lawyers, accountants, life insurers, and others to deal with the estate tax. While there has been significant progress in recent years to reduce the burden on small businesses, the best policy would be to repeal the estate tax once and for all. NFIB applauds Richard Hanna for adding his name to the growing list of Republicans and Democrats calling for the end of the estate tax.”
The bill has widespread, bipartisan support in the House of Representatives with more than 200 cosponsors.