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Estate (Death) Taxes |
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pageIssue: Estate tax rates as high as 55 percent
force the sale of many small manufacturing companies upon the
owner’s death. The death tax burden far exceeds the liquid assets of
most manufacturing families. When a small company is sold the
employees and local community often suffers as well. While many
family-owned companies develop estate-planning strategies, these are
costly and time-consuming. In fact, the Joint Tax Committee reported
that the death tax generates costs to taxpayers, the economy and the
environment that exceed its revenue benefits.
Status/NAM Action: President Clinton vetoed the death-tax repeal bill 8/31. The House voted 274 to 157 on 9/7 to override the veto, falling 14 votes short of the required two-thirds majority to do so. Thirteen Democrats and one Republican who supported death tax repeal over the summer voted against it this time. While the White House has expressed interest in narrowly targeted relief, Republicans are more interested in setting the stage for a phase-out next year. Prospects will hinge, in part, on November’s election results. NAM lobbying included coordination of thousands of small manufacturer contacts with lawmakers, organizing major press events, participation in a death-tax summit on Capitol Hill, conducting a member survey, placement of op-eds in newspapers nationwide and more. |
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