The Tire Industry Association and a group of 27 other organizations have written the Congressional Joint Select Committee, urging it to "reject any proposals to increase or make permanent the estate or gift taxes when addressing the deficit or debt ceiling."
TIA president Larry Brandt said, “In order to prevent the dissolution of family businesses, America’s main engine of economic growth, we are urging the committee to leave any estate or gift tax increases – lowering the exemptions or increasing the rates – completely off the table as they deliberate measures to reduce the deficit.”
“The current gift tax exemption helps family businesses, especially independent tire dealers in shifting assets away from being subject to the nightmare of the estate tax,” said Roy Littlefield, TIA executive vice president. “Reducing the gift tax exemption will force family businesses to redesign their lifetime financial planning structure, further distracting these people from maintaining their companies in these tough economic times.”