Delaware Legislature Passes Death Tax Repeal Legislation, Awaiting Gov. Signature

Yesterday, family business owners in The Diamond State were happy to hear that the state Senate passed a bill, repealing Delaware’s estate tax. Despite the fact that estate tax repeal is a traditionally Republican priority, several Democrats crossed the political aisle to repeal the tax. For many business owners in Delaware, the relief couldn’t have come soon enough. Currently, Delaware’s estate tax exemption is set to match the federal exemption level of $5.49 million, however, for many inventory-heavy Delaware businesses, the additional state estate tax can have crippling economic effects. Often, business owners…continue reading →

FBC Celebrates Death Tax Wins In D.C. and Minnesota

The Family Business Coalition enjoyed two victories last week in the tireless fight to protect the engine of the American economy. The wins came in Washington D.C. and St. Paul, Minnesota.  On Tuesday, the D.C. City Council voted decisively in a 9-4 vote against an amendment that would have forced more district businesses into paying the city's death tax. The amendment sought to freeze the current district estate tax exemption at $2 million rather than raising the exemption to match the $5.49 million federal exemption level. The Family Business Coalition sent a letter to the D.C.…continue reading →

D.C. City Council Defeats Estate Tax Increase

Earlier today, the D.C. City Council voted decisively 9-4 against an amendment that would have forced more district businesses into paying the city's death tax. The amendment sought to freeze the current district estate tax exemption at $2 million rather than raising the exemption to match the $5.49 million federal exemption as scheduled. The Family Business Coalition sent a letter to the D.C. City Council last week outlining its opposition to the proposed tax increase. DC is currently one of only 18 states that levy a transfer tax. Blue and red states alike are moving towards eliminating…continue reading →

Tax reform positive for agriculture

By Michelle Rook Today at 7:45 a.m. WASHINGTON, D.C. — United States taxpayers could see sweeping reform of the nation's tax policy if President Donald Trump and Congress can come together on a plan. The Trump administration recently released initial details of what they describe as one of the largest tax plan overhauls in history. However, the House Ways and Means Committee and the Senate are also working on legislation of their own. So far, the proposed plans all simplify the tax code and lower income tax rates for individuals and corporations. In fact,…continue reading →

133 Organizations Sign Coalition Letter Supporting Death Tax Repeal Act

Washington, DC: Today the Family Business Coalition sent a letter to Senator John Thune (R-SD) and Congresswoman Kristi Noem (R-SD) supporting their introduction of the Death Tax Repeal Act of 2017. 133 trade associations and advocacy organizations representing a wide range of America’s family businesses joined the letter in support the legislation. The coalition letter states in part, “The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.” Palmer Schoening,…continue reading →

Will Trump Victory Yield Estate Tax Repeal?

By Ashlea Ebeling Estate tax foes have been waiting for a Republican president to make repeal happen, and now they have their chance with President-elect Donald Trump. “It will still be a heavy lift but not insurmountable as it has been with [President Barack] Obama in office,” says Palmer Schoening, head of the Family Business Coalition. “Trump made repealing the death tax a key tenet of his tax reform proposal, and we look forward to working with him to see it through.” Trump’s tax plan calls for repealing the estate tax, and imposing…continue reading →

Family Business Coalition submits comments to Treasury Department opposing proposed expansion of the estate tax

(Washington, D.C.) — Today, the Family Business Coalition submitted comments opposing changes to Section 2704 of the Internal Revenue Code. The Treasury Department released proposed changes to Section 2704 in August that would dramatically change the way family-owned businesses are valued and would increase the tax liability of family businesses across the country. So far over over 9,000 organizations, businesses, and individuals have submitted comments opposing the Treasury’s proposal. More information on the proposed expansion of the estate tax can be found at www.noestatetaxhike.org. The proposed regulations have come under heavy assault from…continue reading →

The death tax is the unfairest tax of all

It’s in the news again because Hillary Clinton wants to raise it By Stephen Moore and Palmer Schoening It was in 1916 — 100 years ago this year — that America made a big, big mistake that has done significant damage to our economy and the fairness of our tax system for an entire century. We are talking about the estate tax, more popularly known as the death tax. The tax is in the news again because Hillary Clinton wants to raise the tax at death from 40 percent to 45 percent and…continue reading →

Attacking Trump estate tax plan attacks family businesses

By Karen Madonia A recent article titled “Trump family would get $7B windfall from estate-tax plan: analyst” highlighted a report by an analyst attacking Mr. Trump for including repeal of the death tax in his tax plan. While the analyst appealed to the hearts of readers, he never looked at his analysis through the lens of reality. The analyst’s exact attack against the Trump family also attacks my family and thousands of others who own small and medium sized businesses. He believes the next generation of a family business and its employees should…continue reading →

Black Farmer Fights to Kill Death Tax

By Avis Thomas Lester John Wesley Boyd, Jr., lives off the land raising cows and growing soybeans and corn on 400 acres he owns in rural Baskerville, Virginia. He works alongside his father, John Wesley Boyd, Sr., 75, who farms 117 acres nearby that he inherited from his own father. Together they’ve faced drought, fluctuating crop prices and encroaching development. Farming isn’t an easy life, Boyd, Jr. said, but it’s one that he enjoys and hopes to pass down to his own children. Unless, he said, his family is forced to sell the farm…continue reading →
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