In 2001, the death tax was repealed until 2010. However, unless it’s permanently repealed, it comes back in 2011. How asinine is it for an estate tax to re-appear? How on earth can you do any estate planning? Once again, the triumph of politics over policy.
So this week, manufacturers will descend upon Washington from all corners of the country for the Death Tax Summit, to visit their members of Congress and Senators and urge them to permanently repeal the death tax. Here’s some information on the summit. Undoubtedly the WaPo will run another of its ill-informed and boneheaded editorials claiming that a $10 million estate qualifies as filthy rich. Don’t get us wrong — we’d love to have $10 million in the bank, but the fallacy is that a $10 million manufacturing company is a pretty damned small company. That’s what they don’t understand. To satisfy the taxes, these companies have to either be sold or take on an enormous amount of debt.
If you’re not planning on attending the summit, click here to drop a note to your Representatives to let them know yous stand with your manufacturing brothers and sisters who are here this week.
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