King noted that estate tax forms can be filed up to nine months after someone dies, which means there is still time to repeal it in 2013.
Currently, the first $5 million is exempted from the estate tax, and the top rate is 35 percent. If no agreement were reached, only the first $1 million would be exempted, and the top rate would be 55 percent.
King said the issue with the estate tax is the ability of people to give their children businesses or other assets without intrusion from the government. King said minimizing this intrusion helps keep these businesses around longer.
King noted that he sold his own construction business to his son, and said if he had died first, that business may not be around today.
"If the IRS had confiscated more than half the assets of King Construction, my son would not have had the opportunity to build on his father's life's work," he said.