MRAA joins coalition seeking ‘death tax’ repeal - Trade Only Today

MRAA joins coalition seeking ‘death tax’ repeal

Author:
Publish date:

The Marine Retailers Association of the Americas signed a letter asking legislators to extend the 2010 estate tax compromise.

As a member of the Family Business Estate Tax Coalition, the MRAA and others who signed the letter asked Speaker of the House John Boehner and House Minority Leader Nancy Pelosi to fully repeal the estate tax — referred to by opponents as the “death tax” — or, at a minimum, to maintain current estate tax policy.

Current policy has an exemption level of $5 million and a maximum rate of 35 percent.

“Congressional action on the estate tax is urgently needed to prevent it from ensnaring thousands of new and unsuspecting family-owned businesses in 2013,” the coalition wrote in the letter.

The estate tax consists of an accounting of everything you own or have certain interests in at the date of death, according to the Internal Revenue Service. A “fair market value” is assigned to the property.

A filing is required for estates with combined gross assets and prior taxable gifts exceeding $5 million for descendants dying in 2010 or later, according to the IRS.

“We believe it is essential that Congress act before the end of the year, or else the progress made on the estate tax will be undone by returning to the pre-2001 level of a $1 million exemption and a 55 percent rate to estates, and eliminating the current policy on spousal transfer,” the letter states. “Such an outcome would have a devastating impact on family-owned businesses and farms.”

Click here to view the letter.

Related

E-nnovation Lab to expand at 2018 Metstrade show

The growing demand for hybrid and electric engines is becoming more apparent within the leisure marine market, prompting Metstrade to introduce the E-nnovation Lab platform for electric propulsion technology.

Aluminum, tow boats lead moderate growth in May

Boat registrations were up 2.1 percent in May in the main powerboat categories, and rose 3.2 percent in all categories, according to preliminary data from Statistical Surveys Inc., a Michigan company that tracks new boat registrations.

Retaliatory tariffs on boats to EU start today

The 25 percent tariff the EU announced Wednesday on U.S.-built boats kicks in today, and a 10 percent tariff on boats sold to Canada will start July 1, prompting boatbuilders to worry they will lose sales to those countries.