FOR IMMEDIATE RELEASE
Michael Zarrelli, CEO
Anaheim Hills, CA January 13, 2020
The Policy and Taxation Group (PATG) applauds Representative Jodey Arrington (R-TX) for introducing legislation today that would reduce the estate tax rate from forty percent – the single highest tax in the US Code
– to that of capital gains at twenty percent.
“It’s clear that Congressman Arrington understands the negative impact the estate tax has on family owned businesses of all shapes and sizes,” stated PATG Founder Pat Soldano. “Family owned businesses – from farmers to manufacturers – already face more obstacles to success than the non-family business and don’t need the added burden of giving the government forty percent of their business nine months after the death of an owner.”
The Estate Tax Rate Reduction Act of 2020 (HR 5652) would reduce the estate tax to the capital gains tax rate, while maintaining step-up in basis. The bill has a Senate companion in S. 176, which was introduced by Senator Tom Cotton (R-AR) with the support of Senator’s Marsha Blackburn (R-TN), Roy Blunt (R-MO), John Boozman (R-AR), and Joni Ernst (R-IA).
We hope that family owned businesses across the US – and especially those in the 19 th District of Texas – join us in commending Representative Arrington for taking the lead on this important piece of legislation that will reduce the burden that the estate tax places on family-held businesses and their employees.
“In the face of proposals from some lawmakers that would increase the estate tax or impose a wealth tax – which serve little purpose other than punishing success – it is critical that we have voices of reason in Washington that push back against these attacks on our nation’s job creators,” stated PATG CEO Mike Zarrelli. “We thank Representative Arrington for being one of those voices and urge others to join him in this important fight.”
Since 1995, the Policy and Taxation Group (PATG) has been committed to reducing and eliminating the estate, gift, and generation skipping taxes that are confiscatory and destroy family-owned enterprises. Our non-partisan efforts include research and educating policymakers on the negative impact these taxes have on US jobs and the economy.