Estate Tax Reform and the Family Business: Hearing Before the Committee on Small Business, House of Representatives, One Hundred Fourth Congress, First Session, Washington, DC, January 31, 1995, Volume 4 |
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AICPA American amount APOLINSKY Association banks builders business owners buy-sell agreements capital gains Chairwoman MEYERS closely-held businesses Collin Street Bakery CONGRES CONGRESS THE LIBRARY Contract with America corporations cost Creation and Wage current estate death DEDOMINIC dollar economic employees enterprise estate and gift Estate Planning estate tax law estate tax rates estate tax reform exemption family businesses family farm family members family-owned businesses Farm Bureau farmers farms and ranches federal estate tax Federal Tax gift tax credit heirs House IBAA impact income tax industry inflation interest Internal Revenue Code Internal Revenue Service investment issue JANUARY 31 Job Creation LIBRARY OF CONGRESS LONGLEY Madam Chair MCNUTT million NAHB National NAWBO ness NFIB operation opportunity ownership POSHARD President problems proposal provisions represents savings sell SPENCE subcontractors tax burden taxpayers testimony Thank transfer tax unified credit unified estate valuation Wage Enhancement Act
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Page 47 - SBCA is a national nonprofit organization which represents the interests of privately-held and family-owned businesses on federal tax, health care and employee benefit matters. The SBCA, through its members, represents well over 20,000 enterprises in retail, manufacturing and service industries, which enterprises represent or sponsor over two hundred thousand qualified retirement and welfare plans, and employ over 1,500,000 employees.
Page 47 - A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
Page 150 - Positions on national issues are developed by a cross section of its members serving on committees, subcommittees and task forces. Currently, some 1,800 business people participate in this process.
Page 47 - BEFORE THE COMMITTEE ON SMALL BUSINESS OF THE UNITED STATES HOUSE OF REPRESENTATIVES ON ESTATE, GIFT AND GENERATION-SKIPPING TAX REFORM JANUARY 31, 1995 Mr.
Page 109 - Active management" is defined to mean the making of the management decisions of a business, other than the daily operating decisions. Third, in the case of woodlands, the bill would provide that qualification for special valuation can be attained if the decedent or a member of his family is engaged in the "active management" of the woodlands for the 10-year period prior to his death.
Page 139 - NAHB members build leu thin 10 houses per year. Approximately 15 percent build more than 25 houses per year and less than 2 percent of the builders build over 500 houses per year. The single family home building business is clearly comprised of small businesses in virtually every community in the country. Because the construction of a home entails the transportation to a job site of a wide variety of different materials which are assembled and/or fabricated by a host of different trades, and because...
Page 67 - NSBU represents over 65,000 small businesses in all fifty states. Our association works with elected and administrative officials in Washington to improve the economic climate for small business growth and expansion.
Page 137 - ... encouraging investment through reduced taxes on the gains from that investment would create jobs and economic activity at all levels of income. With respect to real estate, a capital gains preference would increase investors and owners incentives to purchase, rehabilitate and operate rental housing Part of the total return to investors who own rental housing is property appreciation. The greater the owners after-tax income from the appreciation portion of their return, the less income required...
Page 150 - Under this rate schedule, the unified estate and gift tax rates begin at 18 percent on the first $10,000 in cumulative taxable transfers and reach 55 percent on cumulative taxable transfers over $3 million.
Page 137 - ... rehabilitation and remodeling. It would also reduce required rents on new construction. For example, taxation of capital gains at 50% of ordinary income rates would eventually reduce all rents by 5%. This represents a tax cut for the middle class and those struggling to become middle class. Yet another example of why a capital gains tax break is not for the wealthy. NAHB believes that taxation of assets held for one year or more at a lower rate than ordinary income encourages investment and savings....