An American Business Family Foundation study shows that more jobs could be lost – as many as 1.5 million – if the United States Congress allows the federal estate tax to return.
The Economic Growth and Tax Relief Reconciliation Act caused the estate tax to expire at the end of 2009, according to New York Estate Lawyers. That same act will allow the return of the tax – at a rate of 55% for all assets over $1 million. The study says that if the estate tax returned at a 65% rate, more than 1.6 million jobs would be lost. If Congress merely allows the estate tax to return at the pre-Economic Growth and Tax Relief Reconciliation Act rate of 55%, between 1.4 million and 1.5 million jobs would be lost.
New York Estate Lawyers have found a number of national agricultural organizations, including the National Cattlemen’s Beef Association and the American Sheep Industry Association have tried to get U.S. Senate support to pass permanent estate tax relief legislation that will help preserve jobs.
“This is significant to family farms not only in Missouri, but the entire country,” the executive vice president of Missouri Cattlemen’s Association told a New York Estate Lawyer. “It is extremely important to call your congressmen and let them know how important it is to extend the current estate tax provisions.” Congress has yet to reach a decision about the estate tax and other tax laws set to expire at the end of the year and are on recess as of this writing.
Even when they don’t constantly change, estate law can be very complex. You need someone like a New York Estate Attorney to help you navigate the complexity. Everything you and your family have worked for over the years is a very important factor and you should trust it to someone like a New York Estate Attorney who knows how to make the law work for you, rather than against you.
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