Wednesday, February 3, 2010

COAST backs Ohio Estate Tax Repeal

            The COAST Board met recently and decided to back a state-wide initiative to abolish Ohio’s Estate Tax.

Ohio’s Estate Tax is one of the worst in the nation.   Currently only about 30 states have an Estate tax.  What makes Ohio’s Estate Tax so bad is that most other states offer a large Exemption (like the Federal Estate Tax) which protects most people from having to pay the tax.  Ohio’s current exemption is only $338,333.  This low exemption threshold throws many small business owners, and farmers into a situation where if they die their children or spouses are forced to come up with a large cash amount to pay the estate tax due or be forced to sell their businesses.   About 80% of the estate tax proceeds go to local communities with the remaining 20% going to the state.   However, the monies are distributed inequitably with affluent municipalities getting the majority of the money.   This estate tax burden is one more thing that make’s Ohio’s business climate unfavorable.

At our COAST fund raiser last March, Ohio Republican Gubernatorial candidate John Kasich talked about how important it was for us to do things in Ohio to keep the most prosperous people here who are leaving the state in a large number.    Why in the world would we encourage the exact people who are carrying a lot of the tax load to leave the state?   One of the first things that can be done to reverse this trend is to eliminate the Estate Tax.

Currently, we are looking at ways to establish a Coalition of Liberty minded groups to take on the tax in the 6 surrounding counties.  This will require us to get about 30,000 signatures in March-May of 2010.  Our ability to beat the tax will be dependent on people like you.  By getting involved in this movement we as a group can send one more signal to our elected officials that we are watching what they are doing and that we want them to LEAVE US ALONE.  If you are interested in getting involved in this movement please contact Dan Regenold —

            Contributions for the Estate Tax campaign can be sent to: COAST, 3630 Zumstein Avenue, Cincinnati, Ohio 45208.

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