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Family‑owned firms tell committees estate‑tax changes could force sales or layoffs
Summary
Multiple witnesses told the House–Senate joint hearing that reverting estate tax exemptions would force family businesses to divert cash to planning, sell assets or lay off workers; members from agricultural and manufacturing districts underscored local risks.
Owners of family businesses and franchise operators described to House and Senate committees how changes to estate tax treatment — described in testimony as the ‘‘survivor’s tax’’ — can create liquidity challenges that threaten intergenerational transfers and operations.
Tom Click of Patriot Industries described estate taxes as a direct threat to family ownership. “The federal government could demand a 40% survivor's tax on the business and our family has spent our lives building,” Click testified, adding…
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