July 31, 2012
Unsuspecting family-owned businesses could be hit by exorbitant estate taxes in 2013 if Congress doesn?t act, the National Restaurant Association and other business organizations told U.S. senators.
The NRA joined other members of the Family Business Estate Tax Coalition in a letter to U.S. Senate leaders to reiterate the restaurant industry?s full support for repeal of the estate tax ?and in the interim, to urge Congress to maintain the current estate tax policy, which exempts estates of under $5 million and sets a maximum rate of 35 percent.
If Congress doesn?t act, the current policy will sunset at the end of this year. If this happens, ?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,? according to the?coalition letter.
Source: http://www.wrahome.com/news/restaurant-industry-urges-action-on-estate-tax/
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