NFIB

New NFIB survey shows tax's negative impact on entrepreneurs and family businesses

The National Federation of Independent Business/Ohio, the state's leading small-business advocacy association, today announced results of a new survey of its Ohio members showing that an overwhelming majority, nearly 94 percent, support reducing or eliminating the current Ohio death tax.  In a separate survey, 64 percent of our members said the death tax was a critical concern for the future of their business. Specifically, more than 40 percent of respondents said they have purchased insurance products or hired the services of a financial planner to help defray the cost of the estate tax and 61 percent indicated that the death tax will play a role in determining the state in which they will spend their retirement.

NFIB/Ohio Legislative Director Ty Pine, along with NFIB member and independent financial advisor Frank Ciotola, testified this week before the House of Representatives Ways and Means Committee in support of House bill 3 (Rep. Latta) and House bill 4 (Rep. Wolpert), legislation to reduce and/or eliminate the Ohio death tax.

Ciotola spoke of the extensive succession planning his family has undergone in order to ensure that the business his parents started after they emigrated from Italy in 1968 would not be threatened by the death tax.

"Per my family's experience and the experience of many small-business owners I have had the honor to work with, the death tax is yet another hurdle hindering the retention and growth of small business," Ciotola told the committee members. "While I am not suggesting that changes to Ohio's estate tax will solve all of our problems, it sends a tremendously positive signal to entrepreneurs and family businesses like ours that Ohio is making strides to improve the business climate."

Death Tax Proponent Testimony From NFIB/Ohio State Legislative Director Ty Pine
Death Tax Proponent Testimony From NFIB/Ohio Member Frank Ciotola
NFIB/Ohio 2007 Death Tax Survey Results