MCAA Legislative Alert - Estate Tax
Words: Jessica RobinsonThe United States Senate voted a short time ago, 57-41, to continue debating the Estate "Death" tax bill. After several attempts by the Senate to pass permanent repeal of the Estate Tax also known as the Death Tax, the Senate is scheduled to take a vote on Permanent Repeal of the Death Tax sometime this evening.
This is a critical vote for Mason Contractors and Small Business Owners all over the country. The Estate Tax is gradually being phased out over a 10 year period as part of the Presidents tax cut package the Economic Growth and Tax Relief Reconciliation Act of 2001. However, although the tax will be completely repealed for one year in 2010, it will come back to life again in 2011 at a maximum rate of 55 percent, if the Senate does not pass permanent repeal. This will again place an incredible strain on small and family owned businesses who plan to pass the business along to their children or grandchildren. In addition, the ?death tax? places a significant burden on employees, customers and suppliers.
Statistics show, currently that when the owner of a construction company dies, the value of the company is added to the owner?s estate and is taxed after exemptions. The individuals who inherit the family-owned business are forced to pay the government up to 55 percent in taxes on all assets received, including:
- land
- buildings
- equipment
- and all other forms of property
Almost one-third of all small business owners today will be forced to sell outright, or liquidate a significant portion of their company to pay for this tax.
Below is a list of Senators who are key for the vote:
- Baucus (D-MT) - (202) 224-2651
- Bayh (D-IN) - (202) 224-5623
- Cantwell (D-WA) - (202)224-3441
- Chafee (R-RI) - (202) 224 - 2921
- Collins (R-ME) - (202) 224-2523
- DeWine (R-OH) - (202) 224-2315
- Feinstein (D-CA) - (202) 224-3841
- Johnson (D-SD) - (202) 224-5842
- Kohl (D-WI) - (202) 224-5653
- Landrieu (D-LA) - (202) 224-5824
- Lincoln (D-AR) - (202) 224-4843
- McCain (R-AZ) - (202) 224-2235
- Menendez (D-NJ) - (202) 224-
- Murray (D-WA) - (202) 224-2621
- Nelson (D-FL) - (202) 224-5274
- Nelson (D-NE) - (202) 224-6551
- Pryor (D-AR) - (202) 224-2353
- Salazar (D-CO) - (202) 224-5852
- Snowe (R-ME) - (202) 224- 5344
- Voinovich (R-OH) - (202) 224-3353
- Wyden (D-OR) - (202) 224-5244
If you are a constituent of one of these Senators please contact their office and encourage them to vote in favor of permanent repeal.
In addition, Senators have asked for personal stories or examples that might be used in speeches to be given on the Senate floor. If you have a story you would like to be heard, please pass that along to me via email at jjohnsonbennett@masoncontractors.org, and I will pass that along to the appropriate individuals.
If you have any questions or concerns please feel free to contact me.
Thank you for your support and hard work!