Kill the “Death Tax”
If Congress fails to act before December 31, the current federal estate tax law will expire and revert back to pre-2001 levels. ISA’s Lori Anderson recently told the House Small Business Subcommittee on Economic Growth, Tax and Capital Access about how the estate tax adversely impacts many businesses in the on-premise sign industry and why ISA opposes increasing the rate of taxation from 35 percent to 55 percent and decreasing the exemption level from $5 million to $1 million.
In a statement for the record to the subcommittee, Anderson noted that many ISA members are family-owned and operated sign companies, which have been passed on from generation to generation. Anderson also informed the subcommittee that many ISA members have had to set aside cash or sell assets in order to comply with the estate tax, and that most are small enough so that they can’t afford to hire specialized attorneys to help them figure out how to effectively deal with this financial mandate. In conclusion, Anderson urged Congress to maintain the current estate tax rate and exemption level. For more information, please contact [email protected].
