HOOLEY VOTES TO OVERRIDE PRESIDENT's
VETO OF "DEATH TAX"
REPEAL
Washington, DC — The U.S. House of Representatives failed to override
the President's veto of the estate tax legislation that was approved by
the House and Senate earlier this summer. Congresswoman Darlene
Hooley (OR-5) voted in favor of the override, which failed to garner a
two-thirds majority necessary to keep the measure alive (273 yeas; 157
neas).
"When a family faces a personal tragedy, such as the death of a parent
or a loved one, they should not have to worry that our government's tax
laws might compound this tragedy by leading to the loss of their
family-held business," said Hooley. "It's particularly rough for family
farmers and small business owners whose personal assets are tied up in the
capital costs associated with their operations."
In a letter to President Clinton Hooley is circulating among House
Democratic colleagues in favor of death tax relief, she asks him to
"seriously consider" estate tax relief in any tax relief measures that may
be considered as part of an omnibus spending package Congress and the
President may deal on as Congress completes its work by the October 6th
target adjournment date.
Hooley will be working over the coming weeks with like-minded
colleagues in the House to push for inclusion of further estate tax relief
in any tax measure that comes before the Congress in the coming month.
At a minimum, Hooley would like to see a measure that supports a
complete exemption of estates that are assessed at $5 million or less,
providing relief for an overwhelming majority of family-owned businesses
and small farms that might have to be closed or sold in the event of the
owner's passing.
"Providing our small businesses and family farms meaningful tax relief
is an issue that I've worked hard to achieve -- and one that I won't let
go," said Hooley. "Families shouldn't have to visit the undertaker
and the tax man in the same day."
Radio Actualities Are Instantly Available by Calling 202-226-5654;
Retrieve from Box 220.
For more information please contact: Joan Mooney Chief
of Staff/Press Secretary Congresswoman Darlene Hooley (OR-5) 1130
Longworth House Office Building Washington, DC 20515 Phone:
202-225-5711 Fax: 202-225-5699 |