With the newly installed 119th Congress underway, members in both chambers are starting to focus on finding consensus around a vehicle to extend and even expanded the soon to expire 2017 Tax Cuts and Jobs Act [Pub. L. 115-97]. While the final contours of any bill are far from settled, and have yet to have the White House weigh-in, some early provisions have been garnering large scale consensus. To that end, CIRT has joined a cross-section of businesses, groups, and associations in support of:
(1) Repeal the Death Tax: The estate (i.e., death) tax imposes a destructive double or triple tax at death. A wide ranging coalition of over 200 entities, supports full and permanent repeal of the federal estate tax. Repealing the death tax would spur job creation and grow the economy. Many studies have quantified the potential job growth that would result from estate tax repeal (e.g., the Tax Foundation estimates the US could create over 150,000 jobs by repealing the estate tax). Also, a study by the House Joint Economic Committee found that the death tax has destroyed over $1.1 trillion of capital in the US economy.
(2) Make permanent the Section 199A Deductions: Businesses organized as S corporations, partnerships, and sole proprietorships will see their taxes go up sharply next year without extension of TCJA 2017 law. These “pass-through” businesses are the backbone of the American economy. They account for 95 percent of all businesses and employ 63 percent of all private sector workers. They also form the economic foundation for thousands of communities nationwide.
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