The Tire Industry Association (TIA) and 31 other organizations are showing theiir support of the Death Tax Repeal Permanency Act (H.R. 1259) by sending a letter to U.S. House Speaker John Boehner.
The letter emphasizes the importance of repealing the death tax at the federal level and points out how the tide has changed and many states are now taking the lead in eliminating or mitigating estate taxes that unfairly penalize small businesses and family farms. The letter also thanks Speaker Boehner for taking “early action” to stop the currently scheduled “‘taxmageddon” when the Bush era tax cuts are due to expire at the end of 2012 with the death tax rates jumping to a punitively high 55%.
“In survey after survey, the death tax is the single biggest issue that the small business community is concerned about today,” says Roy Littlefield, executive vice president of TIA. “It is wrong for the government to artificially create these often insurmountable hurdles when a family is attempting to pass the business along to the next generation. Inheritance and estate taxes are jeopardizing small businesses and the jobs they provide.”
In national surveys, nearly 70% of Americans consistently support full repeal of the death tax. Polling shows the repeal winning with a 17% margin.
In addition, the TIA-supported Death Tax Repeal Permanency Act has almost 218 bi-partisan cosponsors. “It would be a wrong to not hold a vote on this important opportunity to stimulate the core of America’s economic engine -- small business,” says TIA President Larry Brandt.
Randy Groh, TIA government affairs committee chairman, adds, “TIA is proud to be a strong and long-time supporter of the death tax repeal movement. We urge all tire dealers to tell their elected representatives, both in Washington and state capitals, to join the movement.”
For more information, visit www.tireindustry.org or call (800) 876-8372.
To read the letter and see the other sponsors, click here.
