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Washington, D.C. – U.S. Senator Marco Rubio (R-FL) today joined several of his colleagues in introducing the Death Tax Repeal Permanency Act, legislation to completely end estate taxes and provide relief to Florida family farms and businesses. Under current law, the estate tax is scheduled to revert to 55% with a $1 million exemption next year unless Congress acts. The Death Tax Repeal Permanency Act would end the uncertainty that this unfair job-killing tax is imposing on job creators in Florida.
“I have long supported ending the death tax because it is unfair and bad for economic growth,” said Rubio. “Floridians are already facing an onslaught of new tax increases from ObamaCare, and they should not be hit with another burdensome tax hike from the Obama Administration in a few short months. Under no circumstances should death be a taxable event, and I look forward to working to enact the Death Tax Repeal Permanency Act to make sure that this is the case.”
“Protecting small business owners from the estate tax is important to keeping Main Street family businesses operating for future generations,” said Bill Herrle, Florida Executive Director of the National Federation of Independent Business. “Many small businesses are family-owned or closely held, and the estate tax can often tax a family right out of business. We thank Senator Rubio for his leadership on repealing this job-killing tax and his dedication to encouraging Congress to help Florida’s small-business owners.”
“The Associated Builders and Contractors of Florida applaud Senator Rubio for his effort to repeal the Estate Tax, also known as the Death Tax,” said Peter Dyga, President and CEO of the Associated Builders and Contractors Florida East Coast Chapter. “As the largest commercial construction association in Florida, it is incredibly important to ABC and to many of our small business members that this tax be eliminated. The tremendous burden this tax places on future generations to keep these small business and family run operations afloat is sometimes so great that the company simply cannot afford to continue operations. At a time when the commercial construction industry continues to suffer with 20 percent unemployment, we need to be supporting our small, family run businesses for the jobs that they create and for their support of this country. ABC believes in these businesses and we thank Senator Rubio for his actions.”