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National Taxpayers Union Foundation Examines Estate Tax Impact on Family Businesses

(Alexandria, VA) -- As Congress considers a repeal of the federal estate and inheritance tax, a new Issue Brief from the National Taxpayers Union
Foundation (NTUF) examines the impact of the estate tax on family businesses.

"While some individuals try to imply that the estate tax only affects the rich, in reality the greatest burden falls on family businesses and their employees," pointed our NTUF Deputy Press Secretary and Issue Brief co-author Jerry W. Terry. "Most of the 'wealth' being taxed is in the form of business assets -- the buildings, equipment, and capital goods necessary for the business and the jobs it provides to exist."

Donald Clampitt, Issue Brief co-author and owner of Clampitt Paper, faces
many of these difficulties since he inherited the company from his father,
Max Clampitt. Like most family businesses, the majority of Max Clampitt's estate is in the value of the company he founded, a fact overlooked by the punitive estate tax. As Mr. Clampitt points out, a business "would be worth
far more to the U.S. government as an ongoing taxpayer than it will as a
one-time estate tax payer."

The entire release is available at
http://www.ntu.org/estate/ntufib137pr.html

NTUF Issue Brief 137, "Up Close and Personal: One American Family's Duel with Death Taxes," by Donald C. Clampitt and Jerry W. Terry is on the NTUF web site http://www.ntu.org/estate/ntufib137.html

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