Congressman Joe Pitts writes “Before 2001, the government taxed the transfer of an estate worth more than $1 million at a 55 percent rate. Handing down a business or family farm to a son or daughter required extensive estate planning to ensure that property or equipment did not have to be sold to pay the tax. However, the sudden death of a business owner could be devastating.”
WATCHDOG: Among other things, Pitts fails to mention that there was a Generation –Skipping Transfer Tax Exemption of $2,000,000. Ninety-seven percent of families would not pay a cent in federal estate tax!
