NLBMDA supports Death Tax Repeal Act

U.S. Senator John Thune (R-SD) has introduced legislation to permanently repeal the federal estate tax, more commonly known as the death tax. 

The Death Tax Repeal Act of 2023 (S.1108) was introduced on Thursday with support from Senate Republican Leader Mitch McConnell (R-KY), Ranking Member of the Senate Finance Committee Mike Crapo (R-ID), and dozens of their Senate Republican colleagues. 

The Death Tax Repeal Act would end a purely punitive tax that hits family-run businesses as the result of the owner’s death, according to the NLBMDA.

The National Lumber and Building Material Dealers Association (NLBMDA) favors the repeal act and has launched a grassroots action campaign for members to contact their federal representatives in support of this key legislation.

NLBMDA also sent two separate letters to U.S. Senator John Thune (R-SD), underscoring our support for his legislative efforts to provide relief for small businesses all across the country by repealing the death tax. 

The letters stress, repealing the death tax would spur job creation and grow the economy while alleviating pressure on family businesses from wasting money on expensive insurance policies and estate planning.

These burdensome compliance costs make it even harder for business owners to expand their businesses and create more jobs, the NLBMDA said. 

Now, the NLBMDA is urging leaders in Congress to move forward with a full repeal of the death tax. You can read the letters here and here.

The NLBMDA is asking dealers to act now and click here to contact lawmakers about the legislation.