SBSC Calls for Terminating Death Tax
The Small Business Survival Committee (SBSC) reiterated its view during National Small Business Week that the death tax should be eliminated.
"While a few dozen wealthy individuals and the death tax industry might be in favor of preserving the death tax, the true small business position is nothing less than termination of this destructive levy," SBSC chairman Karen Kerrigan declared.
Supporters of the death tax -- estate tax lawyers, accountants, term life insurance companies, and interest groups that favor big government -- are making the rounds on Capitol Hill, and hosting events during National Small Business Week to advocate for death tax preservation. According to SBSC, these special interests are an affront to small businesses, especially when they are using a week set aside to recognize the hard work and sacrifice made by risk-taking Americans, to lobby for a tax that destroys small businesses and jobs in their local communities.
"As President Bush reiterated during remarks at a White House ceremony in recognition of the small business person of the year, the death tax is especially unfair and onerous for small businesses. We wholeheartedly agree with the President, as did the many small businesses gathered yesterday at the White House, when he stated that 'we need to get rid of it. And we need to get rid of it right now,'" added Kerrigan.
SBSC chief economist Raymond J. Keating added: "Eliminating the death tax, of course, would be good for the economy as well. Currently, many small businesses have to be sold or liquidated to pay death taxes, or huge amounts of resources are wasted on estate planning. This means less investment, slower economic growth and restrained job creation."