Greg Niewold, a small business owner from Illinois and member of the National Federation of Independent Business (NFIB), recently appeared on the Small Business Rundown podcast to discuss the impact of state and federal estate taxes, commonly referred to as the Death Tax. He highlighted how these taxes affect multi-generational family businesses.
“When both grandparents passed away, we had these exact conversations of what do we do before the exemption was raised because it’s based off of current land prices,” said Greg Niewold. “And you keep in mind that family members have paid the property taxes, the income tax to buy the land. All of that stuff has been paid, and then they pass. And now the family’s left to hold the bag based on current valuations.”
Niewold explained that estate taxes can result in double taxation for families inheriting property or businesses. In July 2025, Congress reduced federal estate tax obligations, which NFIB says supports growth and longevity for small, family-owned enterprises.
The episode featuring Niewold is available on NFIB’s website and through major podcast streaming apps by searching “Small Business Rundown.”
