INTERNET MARKETING

 

 
INTERNET MARKETING

Protecting Critical U.S. Businesses  (Sep 2018)

The U.S. and Mexico Reached A Free Trade Agreement  (Sep 2018)

Unique SEO Articles Will Enhance Your Small Business  (Sep 2018)

 Evaluate Fertilizer Decisions To Maximize Profit

It will replace NAFTA Canada To Eliminate Class 7 Barrier, Allow More U.S. Access To Dairy Market

B2B Buyers Place A High Priority on DIY Customer Service

 States With No Corporate Income Tax Rate
 Ohio
Nevada
South Dakota
Texas
Washington
Wyoming 
Key Economic Indicators 
Item  Rate 
CPI: 0.1% (Sep 2018) 
GDP Growth:   4.2% (2nd QTR 2018)
Bank Prime Interest Rate:   5.25%
Consumer Confidence:  138.4% (Sep 2018) 
Small Biz Confidence:  107.9% (Sep 2018) 
Avg Gas Price:  $2.91 
 
 
 
 
 

 

 

 

 

 

 

 

SMALL BUSINESS NEWS

16 Apr 2015

 

Email this page    

 

Death Tax Repeal Passed In The House

The House of Representatives voted today to repeal the Death Tax.  The house bill (H.R. 1105) called the “Death Tax Repeal Act of 2015” would amend the Internal Revenue Code of 1986.  A similar bill (S. 860) is making its way through the Senate.

The death tax is also called the estate tax or inheritance tax.

The death tax mandates taxes be paid on the estate of loved ones who passed away.  This particularly impacts small business owners whose wealth is tied up in their business assets.  When they die and their estate is passed on to their loved ones a tax is imposed on the value of that estate.  The current law requies that the tax kick in if the value of the estate exceeds $5,430,000 for single individuals and $10,860,000 for couples.  Paying the tax often means selling the assets of the business in order to raise the money.  As a result small businesses have been forced to sell or liquidate the assets in order to pay the tax.

A small business owner Karen Modina, Chief Financial Officer of Illco, testifies how the death tax forced her to shut down parts of the company, lay off workers and liquidate inventory.

The Family Business Coalition which represents 82 businesses associations across a wide range of industries supports the repeal of the Death Tax.  They cited widespread support from both sides of the isle.  They also point to studies that show repealing of the death tax would spur job creation and grow the economy by over 100,000 jobs.  They point to a study by the House Joint Economic Committee which found that the death tax has destroyed over $1.1 trillion of capital in the U.S. economy.

If passed in the Senate and sent to the White House the President plans to veto it.

Sources:
H.R. 1105
S. 860
Govtrack.us
Family Business Coalition
Karen Modina Testimony


By Wendy Stewart

 

 

 

 

 

 

 

 

 

 
 

 

  
 

SBZ Home

News Home

Extra News Home

  

  

     

                  Report broken links               Contact us              About us           Become a Contributor to this site            Link Exchange 

© 2012-2015 The Small Business Zone, Inc.  All rights reserved.