We’re Pleased That The President’s Tax Reform Framework Includes Repeal Of The Death Tax!
Earlier today, the White House, House Ways and Means Committee, and Senate Finance Committee released their highly-anticipated "unified framework" for tax reform, which calls for elimination of the death tax and its principal components. While the framework is lacking...
Summary of PATG Supporters Meeting
By Brandon Roman of Squire Patton Boggs Law Firm Last week, the Policy and Taxation Group held its annual Supporters Dinner and Meeting, during which we had the opportunity to hear from Members of Congress, congressional staff l, and industry experts about tax reform...
Revenue Analysis Of Options To Reform The Estate Tax
Revenue Analysis Of Options To Reform The Estate Tax, Gift tax And Generation Skipping Transfer Tax Our federal transfer tax system has three related components: The estate tax, a gift tax and a generation-skipping transfer tax. For much of its history, wealth...
Estate Tax Will Be Impossible To Pay Off Forcing Sale
In 2005, Elizabeth Marshall Maybee inherited a 3000-acre Northern California ranch from her grandmother that had been in the family since the 1880s. However, “the Marshall Ranch, which survived the Great Depression and survived a case of eminent domain for the...
Estate Tax Causes In-ability To Contribute Clean Water, Clean Air, And Wildlife Habitat
Tom Crowder’s grandfather had a passion for the outdoors and sustainability. This was reflected in the 6,000 acres of pines, bottomland hardwoods, and wildlife occupying his forest in south central Arkansas. However, counter-intuitively, his grandfather took such good...
Death Tax Forced Lay Off Of Seasonal Workers
Seventh-generation cattleman Bob McKnight has faced the death tax on multiple occasions, with effects that have been exacerbated by dramatic wildfires and drought. For many farm owners, this has meant the liquidation of cattle herds or entire operations. For Mr....
Selling Everything To Pay Estate Tax
The Page Family began farming in the 1880s, when Jeff Page’s great-grandfather purchased 50 acres of land in Napa Valley to grow orchard fruit and raise cattle, sheep, and turkeys. As a firm believer in land investment, Mr. Page’s great-grandfather expanded to other...
Sacrificing Land To Pay The Death Tax
Just outside Nashville, Brandon Whitt operates Batey Farms with his wife, Katherine, and father-in-law, who owns the property. Established in 1807 from a Revolutionary War land grant for military service, this seventh-generation family business provides over 65,000...
Investments At Risk If The Tax Exemption Is Reduced
When Tom and Leslyn Jacobs first got married, buying land was simply a dream. Indeed, they were both young foresters saddled with college loans and old vehicles. However, in 1984, their dream became a reality when they received a $40,000 loan to buy 80 acres of land....
Shutting Down Branches, Laying Off Workers, Or Liquidating Inventory
In 1973, Karen Madonia’s father purchased Illco, a Chicago-based distributor of parts and supplies for heating, ventilation, air conditioning, and refrigeration equipment. Although the company now has 97 employees in 3 different states and generates $42 million in...
Federal Transfer Taxation: A Study In Social Cost
The federal unified transfer tax on estates, gifts, and generation-skipping transfers may appear to be attacks born solely by the wealthiest Americans. This view, however, is as misleading as the notion that the sun rises in the East and sets in the west. The transfer...
Statement of Terry Neese: Distinguished fellow, National Center Of Policy Analysis Family Policy Center.
Support for the estate tax is based on three major claims. One, inheritance is are a major source of wealth and equity. Two, the tax provide significant revenue for the federal government. Three, the individuals required to pay the tax can easily afford it. These are,...
Policy Analysis: Grave Robbers, The Moral Case Against The Death Tax
The Federal gift and estate tax has come to be known as the death tax. There are several proposals to reform or repeal the tax pending before the current Congress, and at least some death tax changes are expected soon. Supporters of the tax continue to maintain,...
Let The Death Tax Rest In Peace
Despite President Obama's best efforts, the death tax remains a lightning rod in tax policy. Even the New York Times has reported that the death tax threatens Obama's ambitions. The death tax destroys roughly $847 billion in capital, the funds used to create economic...
Family Businesses In The US Economy
Our job today, Define family business, provide the best available statistics on family businesses, judge the quality of each satistics, and suggest prospects for future research. Read the full Family Businesses In The US Economy article.
Our Story – California Family Farm At High Risk
Our beloved 101 "acre California farm-my small family's one asset- has been in my family since 1942, when it was purchased by my great uncle. It has been planted In crops of many kinds, worked first by my uncle and then by my father, who earned a very modest salary as...
An Analysis Of The Descent Distance Into The Defects Of The Estate Tax On Entrepreneurship
This paper is the second in a series of Tax Foundation studies examining Federal transfer taxation. The first of these studies provided a history and overview of federal transfer taxation. This paper attempts to gauge one of the economic effects of federal transfer...
A Declaration Of Independence From Death Taxation: A Bipartisan View
We begin with a simple statement of the facts about death taxation. America has had a death tax of some sort since 1916, the first year that the modern personal income tax was put in place. Before then, there were scattered periods were federal taxes were imposed on...
Death Tax Chronicle
Tea Party Threatened By Death Tax. Estate Valuation Prove Problematic For Oregon Timberland Owners. The Death Tax Chronicle is brought to you by the Family Business State Tax Coalition. Multi-Generation Ranch Fears Death Tax. Read the full Death Tax Chronicle...
Survey Of The Impact Of The Federal Estate Tax on NAWBO Member Businesses
Summarized below are the results of a survey of 272 family owned and operated businesses which are members of the National Association Of Women Business Owners. The study was sponsored by The Center Of The Study Of Taxation. It evaluates the experiences of these...
Spending A Lifetime Building To Pay Estate Tax
Mr. Syman is worth multi-millions - interests include real estate holdings, shopping center/strip mall developments, restaurants, etc. He is 66 years old and has just recently started consulting with attorney's about death tax issues. He has spent $15,000 already on...
United States Thrives Because Of The Entrepreneurial Spirit
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...
Death Tax End Needed For Business
The American free market typically rewards success and encourages growth, unless you happen to be a family-business owner. My family has distributed food-service products and paper and plastic disposable products in Maine for more than 1 00 years. If President Obama'...
Estate Tax Must Be Repealed
My mother is 86 years old. My father died in '94. They grew up during the depression. My mother's father was a share cropper in Nebraska. He earned a dollar a week. Mom never learned to read or write, but she was brilliant at figuring out how things worked...
The Estate Tax Kills Jobs
The Estate Tax kills jobs. It kills the companies that provide jobs. In the process, it kills towns and communities, particularly those in rural areas dependent upon the land and local industry. Almost all small business is privately owned and most locally owned. When...
The Additional Costs Of Estate Tax
Mr. Goebel, the owner of the bus line and a hockey rink, currently has a "buy/sell" arrangement with his brothers regarding the business. They pay about $75,000 a year in insurance just to protect themselves should there be a death. Tom's teenage children are not...
Had To Sell Business Due To Estate Tax
My father owned a small business which provided health products to his long time customers. Upon his death, we had to sell the business because of the estate tax on the sole proprietorship business left us too little to continue it. Now my brother and I who used to...
Possibility Of Loss From Estate Tax
I am only 36 yr old and have been in the financial planning field for 8yrs. My clients average age is 67 and range 50-80. Seeing the average portfolio of these clients go from $500k to over $1 million plus in the 8yrs, due to stock values, particularly Exxon, Shell,...
Selling Nearly Half Of The Estate To “Pay For” The Other Half
My Mother in law recently passed away. She lived in Minden, Ne. all her life. She and her late husband worked their entire lives in Kearney County. They owned farms, feed lots, gas stations, implement dealerships, and rental properties. They have payed income taxes on...
Unfair Tax On The Dead And The Living
I have not had to sell assets yet but as it stands upon the death of my father, because of the value of the farm land now, my sisters and I will have to either sell some of the land or clear cut timber to pay for the estate taxes. It is just a small farm and only...