PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Peter Dierks who wrote (700570)	9/8/2005 5:54:49 AM
From: JDN	Read Replies (1) of 769669

I dont know the numbers but there is NO DOUBT that Estate taxes can be disastrous for a family owned business. Years ago my brother and his wife inherited a commercial PLUMBING concern. It was a going business and provided a good income for the family and 5 workers since WWII. Anyone who knows that business knows there is a HUGE investment in INVENTORY. Well, when the father in law (the owner) died, up shows the IRS. They had to BORROW $450k in 1975 to pay the grim reaper cause they couldnt pay it in fittings and pipe. The business just couldnt handle the additional cost of borrowing. First the employees were let go one by one, finally the business was sold. Uncle Sam got his piece of the pie but the business was killed. john

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