|To the Editor: Congress is urged to maintain existing estate tax provisions|
|Written by John C. "Jack" Fisher|
|Wednesday, 28 November 2012 09:35|
The American dream isn't about working hard, investing wisely and spending sensibly in order to leave something for Uncle Sam. But farmers and other family business owners will be required to do just that unless Congress acts to maintain existing provisions of the federal estate tax.
When it's time to meet our maker, what's left behind should be for our kids, not the IRS. A Tax Foundation survey of more than 2,000 Americans rated estate taxes the most unfair of all taxes. Sixty-four percent of Ohioans supported last year's elimination of the state's death tax.
Nobody likes Washington double-dipping. Farmers and family business owners have already paid income, sales, capital gains, real estate and sometimes even previous estate taxes on everything they've built over a lifetime. A tax that exists just to tax again is just plain wrong.
This is also a jobs issue. Farm and family business earnings are poured back into land, buildings and equipment, which boosts the local economy, but often leaves insufficient cash to pay the death tax when the owner passes away. Heirs are forced to sell all or part of their heritage to cover the government's covetous tab, which results in fewer local businesses to hire local people. Overly burdensome taxes kill jobs.
When a lifetime of paying taxes comes to an end, fairness demands legacies be handed down to families, not handed over to the tax man. Please join Ohio Farm Bureau in asking Congress to maintain existing provisions of the federal estate tax.
John C. "Jack" Fisher
Executive vice president
Ohio Farm Bureau Federation
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