Washington - By a vote of 264-163, the House passed legislation to permanently abolish taxes on estates in late June.
The U.S. Chamber of Commerce applauded lawmakers for repealing the “death tax” and called on the Senate to follow suit for American’s family-owned businesses and farms.
“The future prosperity and potential of a family-owned business should not be harmed by the long arm of the IRS,” said Thomas Donohue, the chamber’s president and chief executive. “This is a victory for business owners, farmers and families who have faced an additional 55 percent tax on their assets.”
“Death should not be a taxable event,” continued Donohue.
The chamber has long pushed for a full repeal of the death tax - preserving the livelihood of many small business owners, protecting the jobs of their workers and looking out for the interests of local communities.
Last year, the Senate defeated a similar measure and is expected to do so again this year, arguing that the estate tax only impacts the wealthiest of America’s taxpayers.
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