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The current lifetime exemption/unified credit will be cut in half if the Build Back Better Act is passed as it stands!
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The bill would terminate the temporary increase in the unified credit against estate and gift taxes, reverting the credit from the current $11,700,000 per person to $6 million effective 1/1/2022!
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The reduction in the lifetime exemption/unified credit will result in an increased estate tax on many family-owned businesses. Lowering the limit will force the sale of family businesses that are illiquid, resulting in losses to local economies, job losses and cuts in civic and philanthropic contributions to the community often made by multi-generational family businesses.
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Contact Congress NOW and tell them; DON’T REDUCE THE LIFETIME EXEMPTION FOR THE ESTATE TAX!!
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For a summary of all the tax proposals affecting family businesses CLICK HERE.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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