Death tax threatens legacy of small business, Tom Farms CEO says
Tom Farms Managing Member and CEO Kip Tom discuss the dangers of losing his family farm of 187 years.
During his speech on tax reform Wednesday President Trump called for the repeal of the estate tax, saying “To protect millions of small businesses and the American farmer we are finally ending the crushing, the horrible, the unfair estate tax.”
Tom Farms CEO, Kip Tom, who joined Trump on stage during his speech, appeared on FOX Business on Thursday to discuss how the death tax is threatening the legacy of his small business.
The “death tax” or the estate tax, is a federal tax that applies to the assets of a person after their death.
“Hopefully we see it repealed or taken away in the president’s tax reform proposal. Our goal is to transition this family business; you can call it a farm or family business, but transition it to the next generation. Any time we have to pay a large tax, the 40% tax that is in front of us today, it’s going to slow a business like ours down and cripple our growth along the way,” he told FOX Business’ Stuart Varney on “Varney and Company.”
Tom also said that lowering the individual tax rate to 25% will help the farm grow for the future.
“Getting surety in the tax code and the tax reform will really help us to invest in the future. It gives us the confidence to put capital back into the business and to continue to grow the business,” he said.