Posted: March 29, 2013
In recent weeks, NFDA has joined with two coalitions to urge House and Senate leaders to pass tax reforms that would benefit small businesses and family-owned businesses, including funeral homes.
Repeal the Estate Tax
NFDA was one of 47 members of the Family Business Estate Tax Coalition (FBETC) to send a letter to Sen. John Thune (R-SD) in support of his proposed amendment that would repeal the estate tax.
The letter states, in part, "The FBETC continues to believe that repeal is the best solution to protect all family-owned businesses from the estate tax. We therefore support your amendment to the Fiscal Year 2014 Senate Budget Resolution adding a deficit-neutral fund to provide for the full and permanent repeal of the estate tax."
Click here to read the letter to Thune.
Tax Reform for Subchapter S Corporations
NFDA was one of 39 associations to send a letter to Sens. Max Baucus (D-MT) and Orrin Hatch (R-UT), the chair and ranking member, respectively, of the Senate Committee on Finance, and Reps. Dave Camp (R-MI) and Sander Levin (D-MI), the chair and ranking member, respectively, of the House Ways and Means Committee, urging Congress to not ignore subchapter S corporations when looking at tax reform.
The letter states, in part, "Every day, nearly 70 million Americans go to work at a firm organized as something other than a C corporation. These "flow-through" businesses, structured as S corporations, partnerships, LLCs or sole proprietorships, represent 95 percent of all businesses and they contribute more to our national income and our job base than all the C corporations combined. Despite these contributions, recent press reports suggest that the Administration and some Members of Congress support budget-neutral legislation that would reform the tax code for C corporations only ... [W]e strongly encourage you to support Main Street businesses by pursuing comprehensive tax reform that recognizes the economic contribution of all employers, regardless of how they are organized."
Click here to read the letter to Congress.
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