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| Sessions Applauded for Death Tax Bill
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May 10, 2005
Washington, D.C. - Today, the Small Business & Entrepreneurship Council (SBE Council) voiced its strong support for the Jobs Protection and Estate Tax Reform Act of 2005 introduced in the U.S. Senate by Senator Jeff Sessions (R-AL).
"This is the year to end America's most unfair and egregious tax. The introduction of this legislation by Senator Sessions should send a strong message to his Senate colleagues that family-owned businesses are serious about putting an end to this job-killing, anti-growth and wasteful tax. Now is the time for the Senate to act," declared SBE Council President & CEO Karen Kerrigan.
The U.S. House recently passed H.R. 8, the Death Tax Repeal Permanency Act. The bill garnered the support of 272 members including 42 Democrats. The bill makes permanent death tax repeal, which phases out in 2010 but then reemerges in 2011. The legislation introduced by Senator Sessions would not only make death tax repeal permanent, but expedites repeal effective 2005.
SBE Council chief economist Raymond J. Keating added: "The death tax is not based on sound economics. It is an inefficient means for collecting revenue. It creates disincentives for investment and business growth. It diverts resources from productive endeavors to tax avoidance ventures. It forces many family businesses to be sold off or closed. And of course, after paying countless taxes over a lifetime, imposing a death tax is an unfair example of government piling on."
"Various elected officials want to backtrack by keeping the death tax around, but these compromises are a sham. There is no rationale for maintaining the death tax. Full repeal is the only approach that will truly benefit -- and satisfy -- America's hard-working, job-creating small business owners and entrepreneurs."
For over ten years the SBE Council, a nonpartisan small business advocacy group headquartered in Washington, D.C., has been working to protect small business and promote entrepreneurship. For more information, please visit: http://www.sbecouncil.org/
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