Testimony of American Family Business Institute supports repealing Ohio estate tax
By
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To the editor:
At a hearing this week before the Ohio House, American Family Business Institute (AFBI) President Dick Patten called on lawmakers to support HB 3, legislation introduced by Representatives Jay Hottinger (R-71) and Cheryl Grossman (R-23), to repeal Ohio’s estate tax (aka, “death tax”).
On behalf of AFBI, Patten publicly endorsed the bill and explained why the legislation is key for Ohio’s economic growth and why it should be brought to a vote as quickly as possible.
In his testimony – the full text which is available at http://www.nodeathtax.org – Patten stated, “Ohio currently imposes the lowest estate tax exemption in the nation with an exemption of only $338,333. It should not come as a surprise that Ohioans are changing their residency to avoid the estate tax.”
State estate taxes, such as Ohio’s, slow down the economy and hamper economic growth. Patten referenced a study by the Connecticut Department of Revenue finding striking differences between the states that impose inheritance and estate taxes and those that do not: The 26 states without an estate tax produced twice as many new jobs and their economies grew nearly 50 percent more from 2004-2007 than the 24 states with such taxes.
AFBI is an organization representing family farmers and businesses across the country. Patten joined representatives from the Ohio Farm Bureau, Ohio Chamber of Commerce, End Ohio’s Estate Tax, the Ohio chapter of Americans for Prosperity, Ohio Manufacturers, and the Ohio Funeral Directors Association.
Sincerely,
Adam Nicholson
www.nodeathtax.org[[In-content Ad]]
At a hearing this week before the Ohio House, American Family Business Institute (AFBI) President Dick Patten called on lawmakers to support HB 3, legislation introduced by Representatives Jay Hottinger (R-71) and Cheryl Grossman (R-23), to repeal Ohio’s estate tax (aka, “death tax”).
On behalf of AFBI, Patten publicly endorsed the bill and explained why the legislation is key for Ohio’s economic growth and why it should be brought to a vote as quickly as possible.
In his testimony – the full text which is available at http://www.nodeathtax.org – Patten stated, “Ohio currently imposes the lowest estate tax exemption in the nation with an exemption of only $338,333. It should not come as a surprise that Ohioans are changing their residency to avoid the estate tax.”
State estate taxes, such as Ohio’s, slow down the economy and hamper economic growth. Patten referenced a study by the Connecticut Department of Revenue finding striking differences between the states that impose inheritance and estate taxes and those that do not: The 26 states without an estate tax produced twice as many new jobs and their economies grew nearly 50 percent more from 2004-2007 than the 24 states with such taxes.
AFBI is an organization representing family farmers and businesses across the country. Patten joined representatives from the Ohio Farm Bureau, Ohio Chamber of Commerce, End Ohio’s Estate Tax, the Ohio chapter of Americans for Prosperity, Ohio Manufacturers, and the Ohio Funeral Directors Association.
Sincerely,
Adam Nicholson
www.nodeathtax.org[[In-content Ad]]