WASHINGTON, D.C. – Today, during a Republican Ways and Means Committee meeting, Congresswoman Carol Miller (R-WV) spoke against Democrats' supercharged second death tax on family businesses.
A second death tax would make the loss of a loved one a taxable event by forcing families to sell off significant parts of their inherited business in order to pay capital gains tax. This move would devastate West Virginia family-owned small businesses, farms, and ranches because they may no longer be able to afford keeping their businesses in the family for successive generations. The tax would also slash worker paychecks and kill 800,000 jobs in the next decade.
Click here to watch Congresswoman Miller's remarks or read them as prepared below:
Thank you, Ranking Member Brady, and Mr. Smith, for hosting this very important meeting today. My great-grandparents were farmers in central Ohio, as my grandfather was in 1905. My father-in law when he got out of the Marine Corps after World War II, went to work selling trucks. My husband, when he got out of the military, then went into the same family business.
These provisions proposed by President Biden would have a severe negative impact on all small businesses, families, family farms, jobs, and the American economy. I understand the term steward, and I understand what sweat equity is. I understand what it's like to go to work before the sun comes up, and finish working when the sun goes down or later, because you do what you need to do.
I want to thank you Mr. Batie, Mr. McDowell, and Mr. Gilmartin for joining us here today to share your stories and explain how all these proposed changes to the tax code will impact people in real life. Real Americans, who are losing their real jobs and real businesses to an inefficient tax scheme put in place to impose a radical, left-wing agenda.
This proposed change would decimate communities across the country that are home to family-owned businesses. For all kinds of family businesses, I hope that we can preserve stepped-up basis protections to ensure that these businesses survive to the next generation, and beyond.
I do again want to thank you all. If you want to add anymore from your perspective, I'll hand it back to you. Thank you, Mr. Smith.
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Original source can be found here.
