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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