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Article: The American Dream tax.(estate taxes)(Brief Article)
- Article from:
- U.S. News & World Report
- Article date:
- June 26, 2000
- Author:
CopyrightCOPYRIGHT 2000 All rights reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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`There's nothing crueler than taxing somebody when they die," says Joe Olivo of Cherry Hill, N.J.
Olivo, 33, along with his mother, Ann, 56, and two younger brothers, have built the small printing company they inherited from his father into a business worth as much as $4 million. "We're very proud of it," says Olivo. But he worries that, despite life insurance, when their mother dies, paying her estate taxes will force the brothers to sell Perfect Printing to outsiders: "No matter how hard we work, it could just end one day . . . . It's so unfair."
Hardworking small-business men like Olivo were Exhibit A for supporters of the bill recently passed by the ...