What is the Death Tax?
The death tax is imposed on individuals trying to pass on their life savings to the next generation. The tax hurts those who are considered “asset-rich, but cash-poor.” For family businesses this creates a threat to the future of the business when Washington demands 40 percent as payment for the tax. Even before the owner passes, the estate tax creates a significant planning and mitigation burden on the family over the span of the owner’s life to keep the business intact when the tax bill comes due.
By Greg Grimme grandfather started in the HVAC industry in 1930 and for the past 40 years, my brother and I have helped grow our part of Johnstone Supply into a business that supports dozens [...]
By Tom Click Senate Republicans have decided not to include death tax repeal in their tax reform bill. This is an issue of immense debate on both sides of the aisle. Those who favor the [...]
By Karen Medonia ILLCO was a very small wholesale distributor in suburban Aurora, with only seven employees, when my father purchased it back in 1973. Since that time, the business has grown tremendously because of [...]
Chairman Kevin Brady - October 12, 2017 Texas Insider Report: WASHINGTON, D.C. – With mind-numbing complexity and tax rates as high as 40%, today’s broken tax code can make it incredibly difficult for our nation’s small [...]