Ending the Death Tax would help small business Owners and Farmers

Republicans want to get rid of the Estate Tax -- aka the Death Tax -- but democrats say that would just be a handout to the rich. The latest proposal would double the exemption.

Scott Bishop is a financial planner at Houston's STA Wealth Management. He says the GOP argues the death tax is double dipping.

"Saying that it doesn't make sense to tax the estate again, 'cause people have paid taxes along the way to accumulate wealth; why tax the estate again?"

Bishop says it may sound like a lot of money, but for a business or a farm, it's not.

"If we can at least double that to $11-million per person and $22-million for couples that will eliminate most small businesses and most small family farms from having to worry about forced liquidations of their property."

Bishop says the death tax doesn't hurt billionaires like Bill Gates, who protect their assets with charitable foundations.

"The people that really get hurt are the people that aren't as well-educated that have large ill-liquid estates, like small businesses or people with family farms who don't have cash, they have high-valued assets."

Bishop says the GOP tax bill aims to increase the death tax exemption to $11-million per person or $22-million for couples.

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