MRAA petitions for estate-tax relief

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The Marine Retailers Association of America joined with 43 other national small business trade associations in asking the Senate to pass permanent estate tax legislation that improves upon the House-passed bill.

MRAA has long supported total repeal of the estate tax, a tax originally passed in the late 1800s to pay for the Spanish-American War, the association said in a statement.

With total repeal highly unlikely in the near future, MRAA is urging Congress to provide more permanent and certain relief for family-owned businesses and farms by increasing the per-person exemption to $5 million, which would be indexed for inflation, and reducing the top estate tax rate to 35 percent.

“We believe this relief is critical for boat dealerships and marina operators at a time when we are struggling to create jobs,” MRAA chairman Ed Lofgren said in a statement. “Our members need permanent relief to help plan for the future when their businesses are passed to children.”

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Comments

2 comments on “MRAA petitions for estate-tax relief

  1. hans

    Most democratic countries, are eliminating estate taxes, President Bush was right to eliminate it. Even at 5 Million tax  free and than 35 % tas, it is impossible for the heir to pay. Jobs will be lost because businesses need to close. All the money that was put into a business during the live was taxed once anyway. The rich already pay 40% of their income in taxes.
    If we add for the remaining 60% an additional 35% estate tax, the total tax comes to 61%. Plus the increase in Property value, (Possible capital gain, between time of purchase and death of the father) This money needs to be saved by the owner (father) in order that the children can move on with the bsiness. This burden is impossible. That is why businesses can not be passed on and the older generation typically sells it, even that they dont want to do it. Which means that a lost of jobs get lost.
    Democrats get real and think before you pass laws. All businesses and real estates need to be exempt, because they are taxed anyway (capital gains tax at time of sale).
    what leaves is cash. And a percentage of the investments need to be free, because a business needs cash to operate. This  could be fair. Everybusiness  needs operating cash to survive these bad years like 2009!
    and the estate tax planing, which comsumes a lot of time is free to concentrate on the business.

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