Bill Clinton to Small Businesses: Drop Dead
Although the people who work at CTDATA have strong political views, we try to limit the number of political stories posted to our site. We feel compelled to make an exception for President Bill Clinton's veto of the Estate and Gift Tax Phase Outs, technically known as H.R. 8.
These taxes destroy small businesses by forcing many of them into liquidation upon the death of the founder or major shareholder. As long as these taxes are not repealed or scaled back, they will be a major issue for any successful small business, and that includes CTDATA.
We would like to see the Federal Government exercise some restraint and tax income only once. On this basis alone, the estate and gift taxes are unfair.
Many Democrats in the House and Senate supported this bill because it is a high priority of their constituents. So, it is beyond us how the President, who will be out of office 20 days after the tax change would have gone into effect, can thumb his nose at his fellow party members and their constituents.
There is an obvious way to demonstrate to our current President the error of his ways. That is to deny his protege the office that he seeks.