Quote

The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.

The death tax robs parents of the opportunity to pass something along to their children, and it is responsible for destroying a lot of family-owned businesses.

Eliminating the Death Tax will continue to restore consumer confidence, spur capital investment, and create new jobs which are critical components of economic growth, particularly within the small business community.

The death tax destroys family businesses and stifles investment that leads to increases in jobs and personal income. As a result, 70 percent of family-owned businesses are not passed on to the next generation and 87 percent do not make it to the third generation.

My constituents in Kansas know the death tax is a duplicative tax on small businesses and family farms that, in many cases, families have spent generations building.

The bottom line is that the death tax is a tax on the economy because it slows economic growth.

Additionally, this tax forces family businesses to invest in Uncle Sam rather than the economy. When families are forced to repurchase businesses because of the death tax, that means less money is being invested in new jobs and capital expansion.

Small businesses already struggle to compete with big businesses that enjoy the luxury of a tax code filled with corporate loopholes.

So if I die, somebody else from the corporation will take over the business.

When you raise taxes on small business, from 35% to 40%, you will kill jobs.