Senator John Thune (R-S.D.) issued the following statement tonight after Democrats rejected his amendment (#307) to permanently abolish the federal death tax during the consideration of S. Con. Res. 8, the Senate Democrat budget:
“A death in the family should not be a taxable event. Unfortunately, a majority of Senate Democrats opposed full repeal of this unfair tax on family farms and businesses, and continue to support a tax policy that hurts economic growth and job creation. Currently more than 70 percent of family businesses do not survive to the second generation, and 90 percent of family businesses do not survive to the third generation. According to a study by former CBO Director Douglas Holtz-Eakin, repealing the death tax would create 1.5 million additional small business jobs and would shave almost a percentage point off the unemployment rate. It is time for Congress to end this punitive tax on entrepreneurship and small business job creation.”
Thune’s amendment is supported by American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, 60 Plus Association, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, American Conservative Union, Family Business Coalition, and many others.
The amendment was cosponsored by Senators John Barrasso (R-Wyo.), John Boozman (R-Ark.), Roy Blunt (R-Mo.), Mike Enzi (R-Wyo.), Orrin Hatch (R-Utah), Dean Heller (R-Nev.), Mike Johanns (R-Neb.), Jerry Moran (R-Kan.), Mike Lee (R-Utah), Pat Roberts (R-Kan.), Marco Rubio (R-Fla.), and David Vitter (R-La.).