4…As was done for the victims of the 9/11 attacks,
residents of the 90,000-square- mile swath of destruction
caused by Hurricane Katrina should immediately and retroactively
be exempted from the 47% federal death tax, the American
Family Business Institute(AFBI) today said.
The AFBI said that this is both the moral and economically
right thing to do in light of the utter devastation
the hurricane wrought.
“Family businesses in these states will face
enormous challenges in the coming weeks, months, and
years,” said AFBI Executive Director Dick Patten.
“They will need to rebuild businesses that, in
some cases, may virtually no longer exist. Rebuilding
them is critical not only for the families who own the
businesses, but for the tens of thousands of people
they employ, who will desperately need jobs to put their
lives back together.”
Eighty-seven percent of businesses in the United States
are family-owned, employing half the American workforce,
according to the AFBI.
“The death tax is a proven drag on the American
Mr. Patten continued, “and the Gulf Coast region
cannot afford it while it begins to rebuild. Taking
half of what families have earned at a time like this
would be morally indefensible and economically foolish.
We are hopeful that Representatives of the Gulf Coast
region and from across the nation will embrace this
call and do the right thing for families and family-businesses
in the affected region.
“There are some saying that death tax relief
would be ill- timed in light of this emergency. But
families and family- run businesses know just the opposite
is true: This is the time to spark economic growth and
rebuilding in the affected region and across an America
that no doubt will be feeling the effects of Katrina
for years to come.”