The House this week is
expected to approve a bill repealing death
taxes, according to the Wall Street Journal.
Clinton is committed to vetoing this
bill.
But lobbyists still believe a
compromise may be possible. Clinton aides do
support targeted relief for small businesses.
Another possibility would be the acceleration of
scheduled increases in the death tax exclusion
for everyone.
According to a study by the
Institute for Policy Innovation (IPI), the death
tax stifles growth, discourages savings, kills
jobs, drains resources and ruins families.
Research conducted by the National Federation of
Independent Business shows that more than 70
percent of family businesses do not survive the
second generation, and more than 87 percent
never make it to the third generation. One in
three small business families today have to sell
their businesses outright or liquidate business
assets just to pay death taxes.
Family
firms taking steps to survive death-tax
liabilities spend an average of nearly $125,000
per company on attorney/consultant fees, life
insurance premiums and other similar expenses.
Repeal of the death tax would save valued time
and money for the small business owner. NFIB
will continue to discuss this issue at the Small
Business Congressional Summit this
week.
6.07.00
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