On the recordJune 5, 2002
I want to just underscore that this is also a jobs issue. More than 70 percent of family businesses do not survive to the second generation. Eighty-seven percent did not make it to the third generation. One of the principal reasons is the inheritance tax. When businesses go under, it means a loss of jobs. Sixty percent of small business owners report that they would create new jobs over the coming year if the estate tax were permanently repealed. If he did not have to do that, to employ those kinds of vehicles, he would have more money, and most of his money is tied up in his business, what would he probably do? He would probably sow it back into the business and create more jobs, which generates more taxpayers. The theme of the evening is the permanent repeal of the inheritance tax or death tax.
Source
govinfo.gov
