Press Releases

Today, Congresswoman Celeste Maloy (UT-02) testified during a House Ways and Means Committee hearing for the need to repeal the Death Tax to strengthen Utah small businesses and family farms.

Rep. Maloy: Thank you, Mr. Chairman. I'm excited to be here. I'm grateful for the opportunity to testify on critical tax reforms in order to create a prosperous future for all Americans, and especially for the Utahns I represent. I urge the Committee to repeal the death tax, also known as the estate tax.

The death tax is a levy on the transfer of wealth from one generation to the next. And I know there's a perception out there that repealing it would help the most prosperous Americans who don't need this help. But the reality is it penalizes families who've spent their lives building businesses, farms and legacies that they want to pass on to their children and grandchildren.

In Utah, small family-owned businesses and farms are the backbone of our economy. Utah has more than 300,000 small businesses, including about 14,000 family farms. Repealing this tax will allow families to pass on their hard-earned assets without the fear of financial ruin for the next generation, the generation for which they've been working to build up a business.

A study performed by USDA's Economic Research Service indicated that 98% of American farms are still family owned and operated. These families that work tirelessly for decades to build a successful small business, investing their time, energy and resources into creating jobs, contributing to the local economy, and providing for their loved ones shouldn't have to face a hefty tax bill they may not be able to afford, especially after losing a loved one.

I served on the Small Business Committee in the last Congress, and we need those Main Street businesses to stay strong. And when they stay in families, they stay in towns. And they're the anchors of the economy, especially in rural areas. So, thank you for your work. I want to see this tax bill get done in a way that makes Americans freer, more prosperous and more likely to start a family business and pass it down.

Thank you for your time. I yield back.