How the Estate Tax Hurts Employees of Family-Owned Businesses
Because of the estate tax, if you or someone you know works for a family-owned business, he or she could be at risk of losing their job when the owner dies.
Wages The estate tax could result in lost wages and affect your future earning potential. Stability Families rely on career stability, but the estate tax threatens livelihoods. Growth The estate tax could hurt your career options.
Family-owned businesses faced with the estate tax are often forced to cut back on wages, benefits, investments, and employees.
When faced with the estate tax, families sometimes must sell the entire business or part of it to cover the bill. If the owner of the family-owned business you work for passes, you risk losing wages, opportunities for advancement, or worse—your job.
Don’t let the estate tax ruin career opportunities you have worked very hard for.
If family-owned businesses have to sell to major corporations, former employees could be retained, but their career trajectories will likely be cut short.
If you agree that it is unfair for Washington to take a family’s hard earned money that has already been taxed and tax it again, at death, share “Why Ditch the Estate Tax” with your network and sign our petition asking Congress to repeal the estate tax.
Estate Tax Horror Stories
Employees of many family-owned businesses can lose wages, benefits, or even their jobs when their employers are subject to the estate tax. Read some of their stories below:
- After 3 generations, Steve had to sell the family business to a private equity firm due to the estate tax.Read moreKaren knows that if something were to happen to her father, she would need to begin shutting down branches or laying off workers to pay off the bill.Read moreLoad MoreWhite Castle is dedicated to the development of its nearly 10,500 team members, but almost had to sell due to the estate tax.Read more