Will the Death Tax be the Death of the Farm? Not if this Small Business Organization has anything to say...

Note to everyone. Do you like to eat? We need farms. Do you enjoy local restaurants and shops? We need small business. They are in DANGER OF NOT SURVIVING. I know that sounds ominous, and that's because it is.

Please share this with every small business owner and farmer you know. Along with the proposed Death Tax: With the proposed repeal of the stepped-up basis, family members who inherit something when a family business partner dies, such as a building or farmland, would need to pay capital gains taxes on it. Additionally, the Administration’s proposal would nearly double this capital gains tax rate to 43.4%.

Right now in Washington, D.C., federal policy proposals are positioning some small businesses, family-owned businesses, and farmers for an even greater tax burden.

The latest plans include A new death tax for Family-owned businesses.

... the IRS will calculate the value of something that’s inherited – like a building or farmland – … this change would lead to 800,000 fewer jobs in 10 years and an additional 100,000 fewer jobs each year thereafter. ... family members who inherit something when a family business partner dies, such as a building or farmland, would need to pay capital gains taxes on it. Additionally, the Administration’s proposal would nearly double this capital gains tax rate to 43.4%. …  surviving family members may be forced to close or sell their family’s business to cover the larger tax bill.

Here’s what you can do. 

Call Terry Scott, your NFIB rep. Get details on how you can contact your U.S. Senators and Representative to oppose this harmful legislation. Get details on how you can submit your story to NFIB and also learn how you can join other farmers to defeat this threat by becoming an NFIB member.

Proposals currently being considered by Congress include the following tax increases and new mandates for small businesses:

Raising the corporate tax rate from 21% to 28%

Raising the top income tax rate on individually- and family-owned businesses from 37% to 39.6%

Expanding the estate tax’s reach through repealing stepped-up basis

Increasing the top capital-gains tax rate to 43.4%

Enacting the Protecting the Right to Organize (PRO) Act

Mandating that employers provide a paid sick leave

Establishing a new government-run family and medical leave program

Don't wait, join NFIB and help other local farms and small business owners survive. Contact me NOW. Please don't wait.

READ MORE WATCH A QUICK 2 MINUTE VIDEO

CONTACT YOUR SENATORS AND REPRESENTATIVES HERE

Contact Terry Scott (phone number in image above) or use the contact form on this page.

Related Content: Analysis | State | National | Tax Reform | Tax Relief | Tax Relief-Estate Tax | Tax Resources | Taxes | taxes