Featured Image

Congress Considers Estate Tax Repeal

AMT joined over 150 small business organizations on a letter released by the Family Business Coalition in support of the Death Tax Repeal Act. Currently, the tax forces families and businesses to sell assets, lay off staff, and slash payroll to meet it.
May 12, 2023

AMT recently joined over 150 small business organizations on a letter in support of the Death Tax Repeal Act (Act). Business groups from every sector of the economy signed the coalition letter released by the Family Business Coalition.

The Act, introduced by GOP Senators Thune from South Dakota and Hoeven from North Dakota, would permanently repeal the federal estate tax, commonly known as the death tax. A similar bill was introduced in the House in January with seven original cosponsors. There are currently no Democrats cosponsoring either bill.

The coalition letter to the Senate bill’s sponsors reads in part: 

It makes no sense to require grieving families to pay a confiscatory tax on their loved one’s nest egg. Far too often, this tax is paid by selling family assets like farms and businesses. Other times, employees of the family business must be laid off and payrolls slashed. No one should be punished for fulfilling the American dream. The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.” 

The 2017 Tax Cuts and Jobs Act nearly doubled the estate tax exemption beginning in 2018. But only temporarily. If action isn’t taken by Dec. 31, 2025, the exemption could be cut in half, increasing the number of manufacturers subject to estate taxes. Like bonus depreciation, which begins phasing out this year, the uncertainty of temporary tax provisions hinders investment and hiring decisions. Only permanent policy solutions provide certainty for strategic planning. 

A full copy of the Family Business Coalition letter is available here: https://bit.ly/40rhxEq 

AMT continues to work with the coalition to support the Death Tax Repeal Act. We look forward to keeping our members informed as Congress debates this important issue. 

PicturePicture
Author
Amber Thomas
Vice President, Advocacy
Recent advocacy News
Policy makers came together at The MFG Meeting 2023 to share data and insights on policy-making actions of concern to manufacturers. Here are seven key takeaways that may impact your manufacturing business.
Reducing water use is not a big concern for most manufacturers, but there are solid reasons to look at better water efficiency now before challenges arise in the future.
The National Institute of Standards and Technology’s (NIST) Manufacturing Extension Program (MEP) announced awards of roughly $400,000 to each of its MEP National Network Centers in all 50 states and Puerto Rico.
Recent AI news and developments have piqued the public's curiosity – and fear. A slew of activities are happening in Washington this month related to artificial intelligence and how to regulate it to protect Americans’ rights and safety.
President Biden prioritizes labor and ESG policies, but some labor groups and union workers complain about stalled progress, while the GOP-led efforts to ban ESG factors in federal retirement plans fails.
Similar News
undefined
Advocacy
By Amber Thomas | Sep 29, 2023

Policy makers came together at The MFG Meeting 2023 to share data and insights on policy-making actions of concern to manufacturers. Here are seven key takeaways that may impact your manufacturing business.

7 min
undefined
Intelligence
By AMT | Jul 30, 2023

The need for more powerful and efficient vehicles continues to grow as external factors such as population growth, fossil fuel supply, and global warming force change.

5 min
undefined
Technology
By Bonnie Gurney | Sep 12, 2023

Registration has opened for IMTS 2024 – The International Manufacturing Technology Show, taking place Sept. 9-14 at McCormick Place in Chicago.

5 min