The determination of who pays is based solely on the full value of the deceased's assets - including buildings and equipment. Neither profit nor appreciation in value is considered. For this reason, death taxes could force many family-owned businesses to shut down or be sold. The Olivo family kept Perfect Printing in business in Cherry Hill, New Jersey after the death of their father. With hard work, the family increased the company's worth to several million dollars.
Death taxes are particularly hurtful to capital-intensive businesses.
The Chicago Defender, the flagship newspaper of Sengstacke Enterprises, has been an important voice in the black community for close to 100 years. As the number of businesses owned by African-Americans continues to grow, the damage that death taxes impose on the black community will also rise. Congress just passed legislation to eliminate the death tax, but President Clinton may veto it. July 21, 1999. 4 Bartlett, June 28, 1999.