Congress Eyes Death Tax Repeal
Death Tax Repeal Act of 2013 would help inheritors of small businesses avoid paying an inheritance tax.

Article


Death Tax Repeal
July 03, 2013 By Jason Knott

Congress is making another attempt to eliminate the so-called death tax that, due to the high tax liability, can force integrators and other small businesses to sell or close rather than have their children inherit the business.

This is probably relevant to the commercial integration industry in which more than a few companies are family owned.

Two bills - H.R. 2429 introduced by Representative Kevin Brady (R-Texas) and S. 1183 introduced by Senator John Thune (R-S.D.) - would call on the IRS to eliminate Inheritance Taxes and reduce Gift Taxes over a 10-year period.

Small businesses that often declare their business income as personal income are affected by the Inheritance Tax. The bill creates a scale for Gift Taxes between 18 percent for gifts under $10,000 to 35 percent for gifts more than $500,000.

The likelihood is low that the revenue-reducing bills, dubbed the “Death Tax Repeal Act of 2013,” will pass the Democrat-controlled Senate. The introduction of the bills was hailed by the National Association of Electrical Distributors (NAED). The group cites a study from the Congressional Budget Office that says repeal of the death tax would create 1.5 million new small business jobs and cut the nation’s unemployment rate by one percentage point.

Work Smarter: Keep Ahead of the Competition

Keep up with the changing A/V world with Commercial Integrator. Each issue makes it easy to understand and apply the latest A/V trends and techniques — whether you deal with UHDTV, wireless AV, Digital Video/IPTV, networking, HDBaseT or HDMI.
It's not enough to keep up with the competition. You need to stay ahead of them. Subscribe to Commercial Integrator today for the latest techniques and insights you need to drive your business.

Social Bookmark or Share This
  • Facebook
  • Twitter
  • Digg
  • Del.icio.us
  • Yahoo! Bookmarks
  • Google Bookmarks
  • StumbleUpon
  • Technorati
  • Reddit
  • Windows Live
  • LinkedIn
  • Evernote
  • E-mail


  • Latest
  • Blogs
  • Photos
  • Resources


Recent comments

Congrats !!

Posted by TammyWagner on 2016 11 20 · commented on
'Diversified Named 2016 Integrator of the Year'.

A fantastic culture of people committed to excellence and,solutions with integrity

Posted by AmpliVox Sound Systems on 2016 11 18 · commented on
'Diversified Named 2016 Integrator of the Year'.

Digging below the surface, up until VP-elect, Mike Pence’s clearing of lobbyists from the transition…

Posted by Josh Srago on 2016 11 17 · commented on
'Trump’s Policies Will Definitely Impact Tech Industry, But How?'.

Check out NSCA Education Foundation’s Hester Scholarship: http://www.nsca.org/hester-scholarship-program/

Posted by Tom LeBlanc on 2016 11 14 · commented on
'Why Hiring Veterans Should be on the Forefront of Your Recruiting Goals'.