The
inheritance tax wrecks family businesses. When business owners die, the
government comes at the family with their hand out to grab 40% of the value of
the business less $5.4 million. Families often need to sell the business to pay
the tax.
A family
auto dealer may have multiple brands and locations. These businesses can be
valued well above $5.4 million. If the current owner dies and the business is
valued at $20 million, the family would pay 40% of $14.6 million or $5.84
million.
Family
farms and ranches have been sold to pay the inheritance taxes after generations
of ownership. The family is our basic economic unit, so why should government
seize the family inheritance?
Government
needs to stop all forms of harming the private economy.
Norb
Leahy, Dunwoody GA Tea Party Leader
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