The National Association of Manufacturers (NAM) has hailed the House approval of a death tax reform measure that would reduce the unfair burden of the death tax and provide financial certainty for small to medium size manufacturers.
“While NAM continues to support full repeal, the Permanent Estate Tax Relief Act of 2006 will both lower estate tax bills and reduce the planning costs the current estate tax places on businesses,” said NAM’s President John Engler. “We urge the Senate to follow suit and quickly approve this critical legislation.”
“Resources diverted to pay estate taxes and planning costs are resources not directed toward business expansion, investments in new equipment and technology, and much-needed job creation,” said NAM’s Senior Vice President of Policy and Government Relations Jay Timmons. “Our end goal remains total elimination of this onerous tax. Meanwhile, this legislation is a permanent solution that will provide significant relief and predictability for our members from this unfair and burdensome tax.
“Unless a permanent solution that provides for planning certainty is adopted, the onerous Death Tax will be reinstated in 2011 with rates as high as the confiscatory level of 55%,” said Timmons. “In a time of fierce global competition, we should not be burdening small manufacturers with this serious, home-grown threat.”