This is a graphic depiction of different tax types as a percent of federal revenues throughout the years (through 2011). Estate tax does not even show up.
Interesting. The estate tax gets so much attention, but it is truly a minuscule percentage of federal revenues (95% of all federal tax revenues come from sources other than estate taxes), and it is the most progressive of all taxes.
Here is a link to recent information from the Tax Policy Institute.
… and what can they do to minimize its impact?
… especially for attorneys advising families with businesses: When should they redo their wills? Does the new estate tax law mandate re-examination of a couple’s estate plan?
With all the back-and-forth about the “fiscal cliff,” followed by the “sequestration,” it is easy to lose sight of what really happened with respect to specific fiscal and tax issues. Here is a short article from Forbes that explains how the last-minute deal between the White House and Congress affected estate tax – a significant concern to many family businesses.
Kennesaw State University has one of the oldest family business research centers in the U.S., and publishes a periodic report on family business, in conjunction with MassMutual. I have gotten great data from these reports over the years. Here is the report from 2007. (I think they do it every five years, so the next one should be available soon.)
One of the most important contributions family businesses have made in the United States is in the area of philanthropy. I’m going to post a number of links for those who are interested. Here’s one….
An article from Entrepreneur magazine today. Always timely. Plus, I couldn’t resist the cute little picture of trolls. 🙂
This link renders the data visually. Nice.
There is a strong correlation between immigration and family business in the United States. Here is a short article that provides some information.