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AFBI Endorses Bill to Repeal Illinois Estate Tax
Rep. Bill Brady Puts Family Businesses, Farmers and their Workers Firstby Adam Nicholson - No Comments
Posted on May 10th, 2011 2:09 pm
The American Family Business Institute (AFBI) today endorsed HB 3, introduced by state Senator Bill Brady (R-44) to repeal Illinois’ state estate tax.
AFBI President Dick Patten explains: “Repealing Illinois’ state estate tax will attract new businesses, boost job creation and grow the state’s tax base. Across America, state legislators are realizing that regardless of what Washington does with the Federal Estate Tax, there is no good reason to continue imposing a state estate tax."
The economic research makes it clear that state death taxes drive out investment, economic growth, and job-creation. A 2008 study by the Connecticut Department of Revenue found that the 26 states without an estate tax produced twice as many new jobs and their economies grew nearly 50 percent more from 2004-2007 than the 24 states with such taxes.
Other states are taking this message to heart and have introduced to repeal their death taxes. Just last week, the Ohio House of Representatives passed estate tax repeal in its 2012-2013 budget. The Ohio Senate is expected to pass repeal and then the bill will go to the Governor.
Patten notes that “State estate taxes send a clear message to current and potential business owners: move elsewhere. When businesses leave, so do the jobs they create.”
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Contact Congress
Have you told the 112th Congress to Repeal the Death Tax?
- AFBI Highlights the Introduction of Senator Thune's Death Tax Repeal Bill
Thu, Mar 29, 2012 - AFBI Announces 2012 Recipients of the 1st Annual Champion of American Family Businesses Awards
Tue, Mar 27, 2012 - 7 Illinois Candidates for the U.S. House of Representatives Sign AFBI's Death Tax Repeal Pledge
Mon, Mar 19, 2012
- A Score of the Death Tax Repeal Permanency Actby Stephen J. Entin, April 2011
- The Cost of Compromise: Impact of the 2011-2012 Estate Tax by Anthony Davies, December 2010
- Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying by Tim Carney & Dick Patten, November 30, 2010
- Growth Consequences of Estate Tax Reform, by Dr. Douglas Holtz-Eakin and Cameron Smith, American Family Business Foundation, September, 2010
The Death Tax fight will soon be decided in the halls of Congress by your representatives. AFBI is leading the fight for repeal in Washington, but we cannot do it alone.