Our great United States thrives because of the concept of capitalism and the promotion of an entrepreneurial spirit With those thoughts in mind, 1 strongly urge you to support permanent elimination of estate and generation-skipping taxes, now commonly referred to as the “Death Tax”.
Family businesses are a v1tal part of the American fabric and their continuation is greatly threatened due to these taxes and the costs associated with addressing them. As a business owner with multiple interests, I have seen first hand the high cost associated with planning for the tax. My partners and I have spent tens of thousands of dollars formulating “buy/sell” agreements.
As my teenage children start to get involved in my affairs, I shudder knowing that insurance to protect the continuation of the business for the children in the event of a tragedy can cost around $100,000 a year. Think about that- almost $100,000 a year in insurance costs just to protect for my kids what is rightfully theirs. In the event of a tragedy, should family members really have to deal with the poss1bility of an ·outrageous 55 per cent tax? It is unjust and un-American. Due to the so-called “sunset provision” contained the 2001 law, the Death Tax will be fully repealed for only one year in 2010. Unless the law is changed, the onerous Death Tax will be reinstated 1n 2011 with rates ranging up to that level of 55 percent-or more than half of the family’s assets.
I love living in Northeast Ohio and through our businesses we have spent decades promoting our local economy, employing countless employees, and contributing to the community. Our ability to expand’ our int~rests and do more for the area are handcuffed by these burdensome issues that consume our resources and jeopardize our future existence.
I urge you to work to’ ensure the death tax repeal