A financial consultant for trucking companies said the recently passed congressional bill that repeals estate and gift taxes has advantages for the industry and is not a tax that benefits only the wealthy as the White House has charged.
The bill to eliminate the estate, or inheritance, tax over 10 years needs President Clinton’s signature to become law. The Senate passed the House-sponsored bill July 14, but the president has indicated he intends to veto the measure.
The legislation will save a lot of aggravation for trucking company owners and help them better allocate their money and ensure employee jobs, said Brian Heckert, president of Financial Security Corp. in Nashville, Ill.
The bill benefits the industry because it would help offset the devastating effect that a death can have on a family-owned business, Heckert said. A majority of those businesses do not survive the death of its owner because the survivors have to sell some or all of the business assets to pay the estate tax and then, in turn, pay a capital gains tax on the sale’s profits.
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