National Black Chamber of Commerce president Harry C. Alford, Jr. explains
The National Black Chamber of Commerce refers to the death tax as the “legacy killer” because that it what it does. It kills the legacy of economic empowerment and independence that can no longer be passed on to one’s son or daughter. The community investment is sucked up to pay for a massive tax that comes due only because the family founder has died. I’ve seen it happen time and time again.
The death tax is also a job killer. Small businesses are the backbone of Virginia’s and America’s economy, and the death tax can easily break the back of a small business. When you take thinly capitalized, privately owned businesses that have their assets tied up in real estate or equipment, and you hit their owners with massive one-time death tax bills – after they’ve paid taxes their whole lives, a host of very bad things happen. Instead of the heirs continuing to run the farm or business, more often that not they are forced to sell it to pay the tax bill.
In a Gary McNamara Show on Dallas-Fort Worth radio station WBAP this evening, American Family Business Institute director Dick Patten (not to be confused with the actor - see bio here) stated that most minority business owners represent first-generation wealth. If the RINOs and Democrats want more second-generation wealth among minorities, they will vote to repeal the tax. Unfortunately, they care about their own wealth more.
Too bad estate tax repeal didn't happen in time to benefit Michael Schiavo.