The Current Fight

The American Family Business Institute celebrated victory when the estate tax was repealed on January 1, 2010. However, the repeal is not permanent and the tax is scheduled to come “back to life” under current law on January 1, 2011.  This means that the future of the estate tax depends on what Congress does between now and December 31.

No vote on the estate this year is a vote for a 55% estate tax in 2011.

The 111th Congress and the Death Tax

Congressional supporters of the estate tax are doing everything they can to bring the tax back to life.  Some in Congress want to bring it back at the rate of 65%.  Others want to do nothing and let it automatically come back at the rate of 55% on January 1, 2011, when the current relief expires.

Majority Leader Harry Reid falls into the latter camp. He has tried to obstruct any estate tax legislation, in order to prevent Congress from repealing or reforming the law.  If Reid has his way, at midnight on December 31 the death tax will come back to life - at the rate of 55% with a $1 million exemption.

The 2010 Elections and the Death Tax

The good news is that a bipartisan majority of U.S. Senators have voted for estate tax repeal or reform.  2/3 of the American people support permanent estate tax repeal.  The political winds oppose bringing the estate tax back to life.

This fall voters will decide whether Congress has honestly represented their interests.  AFBI has offered each candidate for U.S. Senate and House the opportunity to sign the Death Tax Repeal Pledge, a document affirming the candidate’s commitment to permanent estate tax repeal.

AFBI publicizes the signers of the pledge on our website and will provide voter guides in advance of the elections. This fall, voters will decide if candidates who oppose estate tax repeal deserve their vote.

AFBI is busy working with our allies in the House and Senate to build support for permanent estate tax repeal. 

Will you join the fight for repeal?