On the recordApril 16, 2015
We all love hearing about American success stories. It might be that startup that begins with an idea, a couple of dollars, and a lot of hard work that grows into a business that can support a family, that serves a community, and provides for the future. Many family-businessowners, ranchers, and farmers do hope to keep that success going by passing it on to the next generation. However, for too many, the dream of taking over the family business can quickly turn into a nightmare. While having to cope with the loss of a loved one, relatives are often forced to make tough decisions in order just to meet the estate tax obligations under law. It can mean taking on large amounts of debt. It can mean selling off critical assets. It can mean even closing down the business and being forced to sell the entire family farm or business just to pay the taxes alone. The truth is that average Americans can be negatively affected by this tax. Not only are businesses not being passed down to the next generation, but they are also being forced to lay off other employees that are currently employed. When a small business shuts its doors and then lets those employees go, it can have a very profound affect on the community. Farmers can be impacted by the Federal estate tax simply based on the value of the farmland alone. That doesn't even take into account, Mr. Speaker, the buildings, the equipment, the livestock, and other nonliquid assets that are present.…
