Tax Relief: Encourage Innovation And Don’t Punish The Bereaved
It seems to be common sense to assume that the more tax credits you give for research and experimentation in various industries, the more you would encourage development in that area; and, of course, the reverse would be true. Therefore, the current uncertainty associated with the present Research and Experimentation (R&D) tax credit is obviously an obstacle to innovation and growth of the economy.
As it stands now, there is a 20 percent tax credit for small increases in R&D spending, but the inconsistent nature of the tax obstructs long term planning and growth for research. The much deserved and needed tax relief for this sector needs to be a more permanent fixture if the tax system.
Another obstacle to economic growth is a tax that is levied on businesses and family farms: the death tax, officially - or the more politically correct term - the estate tax. A huge percentage, nine out of ten, of inheritors whose family business collapsed within three years of the owner’s demise stated that the death tax was an instrumental factor. As a result of this tax, many attorneys and accountants have responded to the growing demand of senior citizens seeking ways to pass on the fruits of their labor to their heirs without having assets subjected to this unreasonable tax. These specialists, with careful planning, are able to find some tax relief for clients.
Recently, President Bush stated that his tax plan would bring tax relief to many small businesses by doing away with the death tax. This means that in addition to grieving the loss of loved ones, one does not have to break up or sell assets to pay a burdensome tax on hard-earned wealth, which has already been taxed.
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