The repeal of estate taxes at the federal and state level has become a hot button political issue on both sides of the aisle. The House of Representatives recently voted to repeal the tax although the Senate has failed to take up the legislation and the Obama administration has indicated it would veto in any case. But who is behind this push to repeal? A new report indicates that a handful of billionaire families have donated millions per year to repeal the tax and stand to retain vast amounts of money if their estates were not taxed. However, the justification for repeal is often based on the harm small business may suffer with the tax although there are many options offered to small firms to cope with paying the tax. Ultimately, any debate on estate tax repeal must keep in mind that it will likely benefit a small number of people and offer little relief to the small businesses of the world who are supposed to be protected.
See Susan Harley, Who is behind the push to repeal the estate tax?, The Hill, July 8, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
