Mike Brownfield at Heritage recently blogged about the coming fiscal cliff: As the Washington Post called it a “Taxmageddon.”
It’s going to impact everyone. Not just the “rich”, whoever that might be, but even the employees of private businesses are going to be impacted. When money is taken out of the bottom line to pay additional taxes, suddenly owners have fewer resources to re-invest in that facility that needed to be improved. Local contractors lose out. Or in hosting that employee luncheon you planned on doing. Local restaurants lose out. Or hiring that additional employee you were considering. A potential employee lose out. Owners and managers just think it’s too costly, and right now, there are too many unknowns.
While Washington waits until November to take action, we have a responsibility to keep making the case for private businesses, farmers, ranchers and employees of those organizations to let our elected officials know that the uncertainty is doing more harm than good.
The current estate tax debate about rates, exemption levels – are still killing businesses. You don’t read about many of them, because you dissolve or sell out before the estate tax man commeth. When they’re able, prepared owners who took the risk of investing private capital to build a business or increase their farm’s production wind down their operations, sell off and hide assets in trusts if they can, to prepare for an estate tax. So the people who have the know-how, created jobs, grew a local economy, prepare to die and minimize their tax for their family’s sake. Those that cannot prepare, are the ones who are forced to sell assets at fire sale prices, costing their families, their employees, and even the government. There is a better way.
Read the Heritage take on the coming Taxmageddon here. In the meantime, please ask your Representative and Senator to do more than debate the old way, look at ASSET as a way forward that helps our economy, and maintains jobs.