ADA, Other Groups Representing Small Businesses Ask House Members to Eliminate ‘Death Tax’
July 30, 2014
The ADA this week joined 39 other organizations in asking Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, and Rep. Kevin Brady (R-Texas), to work for passage of the Death Tax Repeal Act (H.R. 2429). The bill would eliminate the contentious tax on assets passed on to heirs, which opponents feel stifles small businesses, in essence punishing them for their success. According to the letter to Chairman Camp and Rep. Brady, the bill’s sponsor, the death tax (called the “estate tax” by the IRS) brings in very little federal revenue. The letter goes on to claim that eliminating the tax altogether would spur job creation and economic growth.
The federal estate tax is imposed on the transfer of combined gross assets of $5.34 million or more, but doesn’t apply when the recipient is a surviving spouse.