Dumping the Death Tax - WALB.com, Albany News, Weather, Sports

Dumping the Death Tax

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October 23, 2007

Albany -- Washington lobbyists are rallying South Georgians to speak out against the inheritance tax, which they refer to as the "death tax."

Studies say that ten of millions of American jobs are lost when family owned farms and businesses are shut down or sold.  

The American Family Business Institute says the federal estate tax targets family owned business, especially the family farm, forcing the second generation family members to sell the business to pay the 45% tax rate.

The "Death Tax" is scheduled to end in 2010, but be reinstated one year later. Opponents say the vast majority of people want the death tax to stay dead, and are asking them to tell their legislators.  

"But the overwhelming number of the American people in their own court of opinions and values say the death tax is wrong," says American Family Business Institute President Dick Patten.  

Half of all Georgia jobs come from family owned business. Lobbyists say the United States has the highest estate tax in the world, and is responsible for the loss of nearly 200,000 potential jobs each year.

    • See what the American Family Institute says about the death tax.

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