Estate Tax Reform
SAF supports legislation to provide permanent estate tax relief from the death tax. The current situation, with fluctuating levels of exemptions and tax rates, is bad tax policy and requires business owners to spend time and precious capital on yearly estate planning. This is an inefficient allocation of funds, discourages saving and investment, reduces wages and is leading cause of dissolution of family-run businesses. In a tough economic climate with sales down and the need to retain jobs, a permanent solution will blunt some of the impact of the recession and will enable family-owned businesses to remain viable.

Recently Senator Max Baucus (D-MT), Chairman of the Finance Committee has included in his tax bill a freeze of 2009 estate tax levels which would be a 45% tax rate and $3.5 million exemption ($7 million for couples) that will be indexed for inflation. Other amendments were introduced during the 2010 budget process dealing with the estate tax. One especially favored by SAF members is sponsored by Kyl (R-Ariz.) and Lincoln (D-Ark.) that would lower the tax rate to 35% and raise the exemption to $5 million.

While SAF is encouraged by these recent developments members should still contact their lawmakers and let them know how the estate tax is burdening their business.
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1 Estate Tax Extension Part of Draft Budget 98
2 Estate Tax Takes a Backseat 145
 

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