NRF Urges Congress to Kill Death Tax

Today, the National Retail Federation (NRF) urged the House of Representatives to pass the “Death Tax Elimination Act of 2000.” The proposal calls for a gradual decrease in the estate and gift tax rates over a 10-year period until federal estate, gift and generation-skipping transfer (GST) taxes are ultimately repealed.

“Because of the 'death tax,'” says Steve Pfister, NRF's senior vp, government relations, “70 percent of family-owned businesses do not survive the second generation, and 87 percent do not make it to the third generation.”

Repealing or significantly reducing estate taxes will make it easier for the principals in family-owned and closely held businesses to leave a viable business to their heirs or employees.”