With all the focus on eliminating the Bush tax cuts and spurring the economy, President Obama and Congressional Democrats are tripping over themselves touting their small business tax breaks this election season. What they’re not mentioning is an automatic tax increase that will hit family-owned businesses hard, starting on New Year’s Day.
Unless Congress and President Obama act, the inheritance or “death tax” will automatically revert to its pre-2001 level: 55 percent of the value of one’s estate after a $1 million deduction. That tax alone often breaks a small business if its owner suddenly dies.
Supporters say the estate tax affects only the wealthy, but in reality, it also hits family-owned businesses and the people who work for them.
Answer by tabekat at 12:16 PM on Sep. 14, 2010
Answer by bandgeek521 at 12:18 PM on Sep. 14, 2010
Answer by yourspecialkid at 12:45 PM on Sep. 14, 2010
Answer by bandgeek521 at 12:50 PM on Sep. 14, 2010
Answer by sherribeare at 5:24 PM on Sep. 14, 2010
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