Women Business Owners on Death Tax Repeal

Those favoring collection of death taxes cavalierly dismiss it as only affecting a small number of very wealthy Virginians. But the "very wealthy" typically can afford high-priced lawyers and accountants to help find legal ways to avoid the tax, or they can – and will -- change domicile to any of the 30+ states that will have no death tax. Those hurt by the death tax are small business men and women, family farmers, and those they employ. Here are what a few women business owners have to say about the real-world impact of the death tax:

"It is not a tax just on the wealthy, it is a tax on hard-working, middle-class families like mine, and it is a tax on the 200 employees who work for our restaurants."

Rhoda Elliott
Richmond Restaurant Owner
Richmond Times Dispatch, March 27, 2004
Read Elliott’s Op-Ed

"Virtually every penny he [my father] made in the business or in his other investments over the last fifteen years of his life was set aside for his heirs to pay estate taxes. This was so his business could survive and his employees’ lives would not be disrupted. As Executor of his estate, I had to liquidate his life’s savings in order to pay estate taxes...In our case, much larger competing corporations started circling as Dad’s health declined. Without his careful savings, we would have been forced to sell out to one of these large out-of-state corporations, which most likely would have sold off our land and equipment to eliminate competition in a tight market."

Lucy Harmon
P.C. Goodloe & Sons
Legislative testimony, November 2003

Full Repeal will protect women-owned businesses

• According to the National Association of Women Business Owners the number of women business owners has doubled to 9.1 million and grown 1-1/2 times faster than overall businesses since 1987.

• In March 2000, the Center for the Study of Taxation surveyed the National Association of Women Business Owners to determine how they where preparing to pay the Death Tax, they responded on average $60,000 a year was spent for the planning and or paying of the Death Tax.

• Further, over 40 percent responded that they would probably have to sell their business to pay the Death Tax.

Learn more about how the Death Tax Impacts...

Minority Business Owners | Family Farmers | Small Business Owners | Economic Growth and Jobs