Information about the vote from special interest groups and other information providers in our Report Cards:
U.S. Chamber of Commerce
Death Tax Amendment.
The Senate rejected an amendment to H.R. 1836 that would have eliminated the House-approved phase out of the estate and gift taxes, better known as the "death tax." The death tax, which is imposed when the estate of a deceased business owner is passed on to the next generation, can wipe out years of hard work and investments. Family-owned businesses can be forced to cut operations, sell assets, lay off workers, and, in some cases, liquidate or sell the business to meet death tax obligations. Estate planning designed to avoid the death tax is extremely complex, costing business owners thousands of dollars annually in compliance costs. The U.S. Chamber has long advocated for the repeal of the death tax. As U.S. Chamber President and CEO Tom Donohue says, "Death should not be a taxable event."