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This entry was posted on Wednesday, November 11th, 2009 at 4:21 pm and is filed under Family Policy, Small Business, Taxes. You can leave a response, or trackback from your own site.
The estate tax was debated on Capitol Hill last week and the NCPA had a front row seat. The House Small Business Committee held a hearing “Small Businesses and the Estate Tax: Identifying Reforms to Meet the Needs of Small Firms and Family Farmers” where I testified about the need to eliminate the estate tax because it is:
- ANTI-family- Does not allow parents to pass their hard work and wealth on to their children
- ANTI-farm- Farms are especially vulnerable because they hold vast amounts of land which are subject to the estate tax as they are passed from generation to generation
- ANTI-small business- Hurts small businesses that don’t enjoy the same tax shelters and benefits as large corporations
Small business owners and family farmers have large investments in infrastructure and many don’t have the large capital assets they need to pay the tax, and many times are forced to sell the business just to meet their financial obligations.
Our small businesses are struggling. They are struggling to keep their doors open, their employees paid and access to capital flowing. They don’t need any more taxes – not now and not when they die. What do you think?
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Helium
November 11th, 2009 at 8:38 pm
the estate tax is double taxing and illegale and it is plain ridiculous and should be abolished-they tax you r money when you’re alive and then they want a cut of it when you die too-it’s pathetic that they hurt families and small businesses finacially when they are already hurting emotionally.
November 13th, 2009 at 10:17 am
I read your testimony at the Small Business Committee hearing, Terry. It was excellent.
As far as I can tell, the only purpose of the estate tax is to force people to give their life’s accumulation of wealth to the government. This perpetuates some sort of mixed-up economic philosophy that the accumulation of wealth is bad, so you must surrender it to the government when you die.
November 22nd, 2009 at 10:54 pm
I’ve been active in taxes for longer then I care to admit, both on the individualized side (all my employed life history!!) and from a legal stand since satisfying the bar and following tax law. I’ve offered a lot of advice and corrected a lot of wrongs, and I must say that what you’ve posted makes complete sense. Please continue the good work – the more individuals know the better they’ll be outfitted to comprehend with the tax man, and that’s what it’s all about.