June 1, 2012

Witnesses: Keep or Dump the Estate Tax, Just Give Businesses Certainty

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From Daily Tax Report

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Regardless of the future construct of the estate tax, tax planners and business owners urge lawmakers to give small business owners the certainty they need to allow them to engage in long-term planning. Witnesses testifying before the House Small Business Subcommittee on Economic Growth, Tax and Capital Access span the spectrum in support of options for estate tax law, but regardless of whether they seek total repeal or an extension of current levels, they tell lawmakers small businesses need clarity and certainty. Estate tax planning and worrying takes time and resources away from expanding, hiring, and buying equipment, says Karen Madonia, CFO of Illco Inc.