Small Business Reading Room

Wednesday, April 13, 2005

A Permanent End to the Estate Tax?

The Estate Tax has always been a hotly debated issue in the U.S.

Should there be an Estate Tax, or Death Tax, as it is sometimes called. If so, who should be taxed? These are questions that many generations have fought to answer.

The Estate Tax is currently scheduled to end in 2010. Unfortunately, it is also scheduled to begin again in the year 2011. Now, there is a bill before Congress to try to permanently repeal the Estate Tax.

Raymond J. Keating, the Chief Economist for the Small Business and Entrepreneurship Council, believes the tax should be repealed permanently. He has some valid points. The Estate Tax accounts for very little of overall federal revenues, so why put the extra burden on families at an already sad and stressful time.

What I find even more interesting is his correlation between the Estate Tax and the decrease in small businesses. According to Mr. Keating, many small business will end up closing or being sold, some just so the owners can afford to pay the tax.

For anyone interested, I would suggest reading his essay. He outlines a number of reasons why the Estate Tax should be repealed. And, if you think the tax should be repealed, the Small Business and Entrepreneurship Council has an online petition.


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