Death Tax

PHCC supports permanent repeal of the estate, or "death" tax. The estate tax for individuals will gradually phase out until 2010, when it is repealed completely. However, under current law, in 2011 the estate tax reverts back to its pre-estate tax repeal level, or 55 percent of estate value. The U.S. House of Representatives has approved legislation which would permanently repeal the tax, but the Senate is continuing to debate the issue. For families in the plumbing-heating-cooling industry, many of whom pass their businesses to their heirs, the estate tax forces them to do one of two things. They either must sell precious assets because they can't afford to pay the estate taxes when a family member dies, or create complicated estate plans to preserve their businesses. The death tax kills job creation and economic growth by levying another layer of taxes on capital. The death tax imposes taxes twice: once when the money is earned and again when the business owner dies. The death of a family member should not be a taxable event!