On Thursday, May 31, 2012, at 10:00 A.M. the Subcommittee on Economic Growth, Tax and Capital Access held a hearing titled Planning for the Death Tax: Can Small Businesses Survive? The hearing was held in Room 2360 of the Rayburn House Office Building.

The recession has been hard on small businesses, and many family-owned small firms may face yet another hurdle: business succession and the impact of the death tax, also known as the estate tax. If Congress fails to act, the current federal estate tax law will expire on December 31, 2012, and revert to the pre-2001 levels. At this hearing, Members will hear testimony on the impact of the estate tax on small businesses and the economy.

Opening Statement:

Chairman Joe Walsh (R-IL)

Witnesses and Testimony:

Neil D. Katz, Managing Partner, Katz, Bernstein & Katz, LLP, Syosset, NY

• Testimony 
• Witness Disclosure

Karen Madonia, Chief Financial Officer, Illco, Inc., Aurora, IL

• Testifying on behalf of the Heating, Air-Conditioning Refrigeration Distributors International
• Testimony
• Witness Disclosure

Michael G. Flesher, Owner, Taylor Rental Center, Vestal, NY

• Testifying on behalf of the American Rental Association
• Testimony
• Witness Disclosure

Thala Taperman Rolnick, Owner, Thala T. Rolnick, CPA, PLLC, Phoenix, AZ

• Testimony 
• Witness Disclosure

Additional Items:

Official Hearing Notice

Official Witness List

Official Hearing Memo

Hearing Press Release

Hearing Video