Wednesday, February 18, 2009

The dark side of the Estate Tax

Via Andrew Roth:
Now, with the Estate Tax looming (I’m 70), I can see no way for our company to survive. At my death, my family will have no choice other than to sell our company. The only market will be a major corporation. Typically when this happens in the forest industry, the land is clear cut, offices consolidated, mills closed.

Five times our family has been subjected to the Estate Tax. Between the 1950s and 1980s, vast amounts of money (tens of millions of dollars) were raised to pay the tax. Lands were clear cut, mills liquidated, communities destroyed, but we survived. The next hit will be too great. The Estate Tax will take us out.--John Anthony

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