Senator John Thune 511 Dirksen Senate Office Building Washington, DC 20510 | Congresswoman Kristi Noem 2457 Rayburn House Office Building Washington, D.C. 20515 |
Dear Senator Thune and Congresswoman Noem:
The undersigned organizations support your bill, the Death Tax Repeal Act of 2017.
We appreciate your work to lead the country towards a common sense tax code that does not impose a destructive double or triple tax at death. We support full and permanent repeal of the federal estate tax for the following reasons:
Repealing the death tax would spur job creation and grow the economy. Many studies have quantified the potential job growth that would result from estate tax repeal. Last year the Tax Foundation found that the US could create over 150,000 jobs by repealing the estate tax. A 2012 study by the House Joint Economic Committee found that the death tax has destroyed over $1.1 trillion of capital in the US economy – loss of small business capital means fewer jobs and lower wages. Lawrence Summers, former Secretary of the Treasury under President Clinton; Alicia Munell,member of President Clinton's Council of Economic Advisors; Joseph Stiglitz, a Nobel laureate for economics; andDouglas Holtz-Eakin, former CBO Director have all published work on the death tax's stifling effect on job growth and the economy as a whole.
The death tax contributes a very small portion of federal revenues. The estate tax currently accounts for approximately one half of one percent of federal revenue. There is a good argument that not collecting the estate tax would create more economic growth and lead to an increase in federal revenue from other taxes. A 2016 Tax Foundation analysis found repeal of the death tax would increase federal income taxes by $145 billion over 10 years using a more realistic, “dynamic” economic analysis. In addition, the death tax forces family businesses to waste money on expensive insurance policies and estate planning. These burdensome compliance costs make it even harder for business owners to expand their businesses and create more jobs.
A super-majority of likely voters support eliminating the death tax. Poll after poll has indicated that a super-majority of likely voters support repealing the estate tax.Typically, two-thirds of likely voters support full and permanent repeal of the death tax. People instinctively feel that the estate tax is not fair. A 2016 state poll by YouGov conducted in South Dakota showed 75 percent of voters supported repealing the estate tax.
The death tax is unfair. It makes no sense to require grieving families to pay a confiscatory tax on their loved one’s nest egg. Far too often this tax is paid by selling family assets like farms and businesses. Other times, employees of the family business must be laid off and payrolls slashed. No one should be punished for fulfilling the American dream.
The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy. We thank you for your continued leadership on this important issue.
Signed,
AMT – The Association for Manufacturing Technology
Food Marketing Institute
Agricultural Retailers Association
Heating, Air-conditioning, & Refrigeration Distributors International
National Association of Electrical Distributors
National Lumber and Building Material Dealers Association
International Foodservice Distributors Association
Convenience Distribution Association
Associated Equipment Distributors
International Franchise Association
American Supply Association
National Cotton Council of America
American Architectural Manufacturers Association
Hardwood Federation
National Confectioners Association
National Council of Farmer Cooperatives
American Trucking Association
Associated General Contractors of America
Association of Mature American Citizens
Air Conditioning Contractors of America
Americans for Tax Reform
Forest Landowners
Associated Builders and Contractors, Inc.
National Association of Home Builders
Industrial Supply Association
National Insulation Association
North American Meat Institute
Printing Industries of America
Truck Renting and Leasing Association
Council for Citizens Against Government Waste
AmericanHort
Mason Contractors Association of America
Coalition of Franchisee Associations
Industrial Minerals Association – North America
International Sleep Products Association
National Taxpayers Union
National Automatic Merchandising Association
NTCA–The Rural Broadband Association
North American Die Casting Association
ISSA – The Worldwide Cleaning Industry Association
United Fresh Produce Association
National Electrical Contractors Association
Plumbing-Heating-Cooling Contractors Association
NAHAD – The Association for Hose and Accessories Distribution
Hardwood Manufacturers Association
Wine & Spirit Wholesalers of America
National Grange
Associated Wire Rope Fabricators
International Housewares Association
Petroleum Marketers Association of America
American Conservative Union
Heritage Action for America
Association of Equipment Manufacturers
American Foundry Society
National Industrial Sand Association
Window & Door Manufacturers Association
Aeronautical Repair Station Association
Equipment Marketing & Distribution Association
Free Congress Action
National Christmas Tree Association
American Business Defense Council
Education Market Association
National Association of Chemical Distributors
National Renderers Association
Equipment Dealers Association
Americans for Prosperity
Club for Growth
National Propane Gas Association
National Funeral Directors Association
Global Cold Chain Alliance
American Commitment
Log Cabin Republicans
American Loggers Council
The Dude Ranchers’ Association
R-Street Institute
International Association of Plastics Distribution
United States Cattlemen's Association
International Sign Association
Auto Care Association
National Black Chamber of Commerce
National Small Business Association
Professional Beauty Association
Materials Handling Equipment Distributors Association
American International Automobile Dealers Association
Small Business & Entrepreneurship Council
NACS – The Association for Convenience and Fuel Retailing
American Beverage Licensees
National Roofing Contractors Association
Water & Sewer Distributors of America
Western Growers Association
Woodworking Machine Industry Association
American Horse Council
Center for Freedom and Prosperity
Aviation Suppliers Association
American Council of Engineering Companies
Metals Service Center Institute
Hispanic Leadership Fund
NPES – The Association for Suppliers of Printing, Publishing and Converting Technologies
Irrigation Association
Forest Landowners Tax Council
Florida Armenians, LLC
International Association of Refrigerated Warehouses
Franchise Business Services
Tire Industry Association
Jeffersonian Project
Rural Agriculture Council of America
American Moving & Storage Association
American Rental Association
Independent Electrical Contractors
National Association of RV Parks & Campgrounds
NTEA – The Association for the Work Truck Industry
NATSO, Representing America's Travel Centers and Truckstops
National Grocers Association
Southeastern Lumber Manufacturers Association
National Franchisee Association
Competitive Enterprise Institute
Taxpayer Protection Alliance
Service Station Dealers of America and Allied Trades
National Utility Contractors Association
National Community Pharmacists Association
Modification and Replacement Parts Association
WMDA Service Station & Automotive Repair Association
60 Plus Association
American Civil Rights Union
Let Freedom Ring
National Precast Concrete Association
Campaign for Liberty
Americans for Constitutional Action
Less Government
U.S. Business and Industry Council
National Tax Limitation Committee
United Egg Producers
Family Business Coalition