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Show fhe Enterprise Review August'4, 1976 tigeti f pw Death Taxes Encumber F amilies of Modest Means STEEL RULE DIE, 209 West Utopia Avenue Salt Lake City, Utah 84115 Death taxes, originally have been introduced in 1926. If the proposed 1976 d the against wealthy, gress, and the matter now is revision had been allowed to have become a burdensome under consideration by the become law, the change would and traumatic experience to House Ways and Means have reduced the combined (801) Con-levie- the family of modest means. In some cases, the tax has families to sell the family business, the farm, or the family homestead in order to pay the estate tax. According to the Utah Fpundation, when the present Federal estate tax exemption was first estab- lished in 1942, it excluded all but a handful of very large estates from the tax. Over the past 34 years, however, infla- tion along with a rising stand- ard of living have combined to greatly increase the dollar value of most assets, exposing of ordinary families to steeply graduated estate tax. The market value of the family residence alone has put millions of people within the range of the estate tax, the Foundation pointed out. vulnerable to are tax those who the estate a small business or farm, report notes that many wage earners who own a home and have accumulated savings other assets over a life- time of work are also being affected by the tax,. Foundation analysts said there is growing recognition of the problem, and a number of proposals have been made in recent months to reform the estate tax. More than 200 bills to accomplish this purpose 486-502- Manufacturers of steel rule Federal and state death tax on Committee. an estate in Utah to that now While Congress is sidering reform of the Federal imposed by the Federal alone. estate tax, a number of states In vetoing the 1976 Inhave taken steps to reduce the burden of their death tax laws. heritance Tax Reform bill, the Thus far in 1976, at least ten Governor emphasized, I am not vetoing this bill because of states (Delaware, Idaho, diana, Kentucky, Minnesota, the concept. I assured the Nebraska, South Dakota, principal sponsor of the bill Vermont, West Virginia, and that I approved of the apWisconsin) have approved re- proach, and that I believed the ductions in their inheritance enactment of the bill might taxes, eventually actually increase Earlier this year, the Utah the Utah tax receipts . . .The legislature passed a measure veto is based solely upon the which would have reduced the revenue effects of the bill as fiscal states inheritance tax. applied to the 1976-7- 7 though the bill was over-th- e year. Since February, when the whelmingly approved by both veto houses of the Legislature (73 was made, state revenue to 1 in the House and 23 to 5 in collections in Utah have imthe Senate), it was vetoed by proved markedly. Actual genthe Governor for fiscal reasons eral fund and uniform school fund revenues for the 1975-7- 6 after the session had fiscal year are $11 million joumed. According to the Founda-ow- n greater than the estimates tion report, the vetoed legisla-Th- e used by the 1976 Legislature tion would have replaced the and about $14 million more existing Utah estate tax with a than the estimates that were death tax equal to the maxi-an- d used by the Governor at the mum credit allowed for Fed- time of the veto. eral estate tax purposes, The Governor, in vetoing Federal tax laws provide that a the bill, maintained that the credit against the Federal proposed law would have reestate tax due is allowed for all duced general fund revenues or a portion of the inheritance by $2 to 2Vi million in the tax paid under state laws. The 1976-7- 7 fiscal year. Propomaximum credit allowed is nents of the legislation, on the of the basic other hand, contended that equal to 80 Federal estate tax in effect in the revision would have had a minimal effect on 1976-7- 7 revenues because it usually con-forc- INC. & 7 clicker cutting dies Custom die Cutting, Creasing, and Perforations ed Gov-'emme- nt In-$60,0- 00 Al-millio- ns rly 1 takes longer than twelve months to settle the taxes on an estate. Moreton Insurance Makes Appointments Jonathan M. Jepsen has been appointed to the staff of Fred A. Moreton & Company as a commercial account executive. Another addition to the Sale Lake based insurance and bonding firm is James L. Levy who will head the companys life insurance and employee benefits departments. Jepsen has a background as an insurance broker and is a former branch sales manager with American States Insurance Company. He has also been a special James L. Levy will Moreton fs agent and multiple lines un- jnsurance anj employee derwriter with Hartford Insur- - benefits departments . When speed is necessary, a metropolitan airport isnt. ance Group. He was graduated from Utah State University with a degree in econ- I omics. Levy has been senior brokerage consultant as well as a group insurance representative agent for Connecticut General Insurance ComHe is a native of pany. Lincoln, Nebraska, and holds a masters degree in education from the University of Nebraska. Uvy was named the Jonathan M. Jepsen is a newly commercial account standing local and state for the Jaycees of Moreton & nal chairman out-appoint- exter-executi- Company. n 1975. ed ve places can be If your time is valuable, driving to those expensive, as well as arduous. Consider a charter from Thompson Flying out-of-the-w- ay Service. Within a Salt Lake City radius of 500 miles, well set you down in two and a half hours or less, in almost any spot where you have business. 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