| The current death tax places a tremendous burden on American businesses. With rates as high as 46 percent, federal estate and gift taxes force some families to sell a business when the owner dies. Even before death, many business owners are forced to adopt estate planning strategies that are costly, cumbersome and time consuming. Legislation enacted in 2001 gradually phases out the death tax until 2010 when the tax will be completely repealed. Unfortunately, the tax law changes are temporary. A “sunset” provision terminates all the tax relief at the end of 2010. Unless this sunset is repealed, the 2001 estate tax regime will resurface in 2011. The NAM strongly supports permanent repeal of the death tax. |