The dynamics in the Senate these days — freshly back from a recess, er, uh, District Work Period, is that their number of work days are dwindling while the amount of work left to be done seems to increase every day. Senate Majority leader Bill Frist (R-TN) has promised a Senate vote on permanently repealing the death tax. As you know, it’s dead until 2010 but then comes back like a vampire. How nutty is that — for an estate tax to come back from the grave? How on earth can you do estate planning? Incentives are all in favor of dying before 2010. Ridiculous.
In any event, we posted a thing last week on this topic and got a great response from our small and medium manufacturers. We will break out some of their comments throughout the week, as they were articulate, personal, insightful and persuasive. Manufacturing is a capital-intensive industry, where family-owned companies will be hammered — or killed — by the tax. Said one of our members:
“[At] our manufacturing facility in Upper Marlboro Maryland [we have] a 4 million dollar building with 14 million dollars of manufacturing equipment that is family owned and operated. This company produces about 13 million dollars of aerospace hardware a year and employs 80 people, most of which are highly skilled machinists. The inheritance tax can be devastating to a company like ours.”
There are also a treasure trove of first person stories in our “Death Tax Chronicles“, published last year.
Click here to tell your Senators to keep the death tax in the grave.
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