The Death Tax is coming
Call your member of Congress today
By Stephen Borg
If Congress does not act by December 31, 2012 the Death Tax will hit thousands more family-owned businesses.
As members of the Mason Contractors Association of America (MCAA) we are asking you to contact your Member of Congress and Senators to urge them to pass legislation addressing the estate tax before the end of the year. Action is urgently needed to prevent the estate tax from saddling thousands of more family-owned businesses with a crippling tax increase.
Current estate tax law that provides for a $5million per person exemption, is indexed for inflation, and provides for spousal portability is set to expire if Congress fails to act. If current law expires, the estate tax would revert back to merely a $1 million exemption not indexed for inflation, with no spousal portability, and a top rate of 55%. The Joint Committee on Taxation estimates that 13 times more families, 20 times more farms, and 9 times more small businesses will be forced to pay the estate tax under this scenario.
While the MCAA has always supported and continues to support the full repeal of the estate tax, it is imperative that our members contact their Member of Congress to express that at a minimum, current law must be extended.
Congress must act by the end of 2012 to prevent this immense tax increase our nation’s small businesses and families and we urge that you contact your Member of Congress immediately to tell them to act on the Estate Tax. This tax increase would have a massive detrimental impact on our struggling economy and family-owned businesses and your voice must be heard.
About the Author
Stephen Borg is Vice President of The Keelen Group.