The Food Marketing Institute (FMI) along with other business organizations are continuing their call for repeal of the estate tax known in some quarters as the death tax.
Christy Spoa, president of the Ellwood City Save-a-Lot in Ellwood City, PA, testified about the tax's effect on behalf of FMI.
"For individually owned and operated stores like mine, the estate tax is a constant source of anxiety that has real consequences for my family, my employees and the day-to-day operations of my business," he said. "I do not have the cash or assets on hand to simply write the government a check and pay the bill, so I have spent years and thousands of dollars to plan for the worst."
FMI has asked Congress to permanently repeal the estate tax on small businesses. The tax is set to expire for a one-year period at the end of this year. It would restart in 2011 without Congressional action.
"The estate tax is a not just a one-time levy. It is a constant expense hanging over the head of thousands of family-owned businesses in the United States," he said. "It is money taken away from job creation, increased wages, better benefits and continued growth."
Discussion Questions: Where do you come down on the estate tax? Is it as harmful to independent retailers as is claimed?