Fox News Highlights Small Business Hearing on Death Tax
Report Points Out Yet Another Tax Burden That Awaits Small Businesses At The Year's End
Last night, Fox News' "On The Record With Greta" show highlighted last week's Small Business Subcommittee hearing to examine the impact of the estate tax on small businesses and the economy. The current estate tax law rate is 35%, with an exemption of $5 million. If Congress does not act on this policy, the estate tax will revert to pre-2001 levels of a 55% rate and a $1 million exemption on January 1, 2013. Small firms already have an avalanche of tax increases that await them at the end of the year, including the expiration of the 2001 and 2003 tax cuts and new health care law taxes. The estate tax is yet another burden that job creators must worry about.
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