“Is it time for an auction? Is it time to shut down and everybody loses their job? What kind of difficult decisions would persons taking over the business be forced into making?”
“My wife and I have some hard decisions to make.
As a small business owner, my family has spent plenty of sweat and personal capital in this business that we started almost a century ago. We would like to see our business long outlive us.
We don’t have kids and almost anyone that we would pass the business to would get hit with a 10 to 15 percent tax. This would threaten our family business’s future.
Suppose your uncle left you a business like this and you had this huge tax bill. What kind of decisions would you have to make? Is it time for an auction? Is it time to shut down and everybody loses their job? What kind of difficult decisions would persons taking over the business be forced into making? I think that someone who inherits a business like this would have a much better chance of success if they didn’t have a huge tax bill to take care of up front.
Why is Iowa one of only six states out of 50 that has an inheritance tax? Iowa’s policymakers should do everything they can to make Iowa more competitive with other states.
As we come out of this recession, don’t you think that Iowa policymakers should be trying to help small businesses instead of trying to burden them with an additional tax?
Now is the time to stand up for small business and to do away with this nonsense tax.”
Joe, Des Moines
Inheritance Tax Posts