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FOR IMMEDIATE RELEASE
April 22, 1999

CONTACT:
Dennis S. Day: (202) 383-2710
Phil Thoden: (202) 383-2764

CONGRESS MUST "DEMOLISH" THE DEATH TAX!

Washington, D.C. – It is time for Congress to "Demolish the Death Tax!" That is the message the Associated General Contractors of America (AGC) is taking to Capitol Hill today as AGC Chapter Presidents meet with their Representatives and Senators.

"The death tax kills jobs," said AGC President Terry Deeny. "When the owner of a family-held construction company dies, the federal government hammers the company with a death tax totaling up to 55% of all assets. Unable to pay, many companies close their doors. Those that survive lose valuable resources for job creation and business growth."

The elimination of the death tax is AGC’s number one legislative priority for the 106th Congress. According to an AGC/Deloitte and Touche survey, 94% of AGC member businesses are closely-held and 81% are owned by fewer than four persons. In the capital intensive construction industry, even the smallest contractor has lifetime capital assets, property and real estate over $650,000, the current estate tax credit amount. The burden of the federal estate tax falls squarely on AGC’s smallest family-owned construction firms.

Deeny added, "It is unthinkable that in a time of surplus that the federal government imposes a tax that raises little federal revenue while it devastates small businesses and kills jobs."

According to a report recently issued by the Congressional Joint Economic Committee, the death tax generates costs to taxpayers and the economy that far exceed any benefits it produces. The report also found that the tax raises little, if any, net revenue for the federal government and is a leading cause of dissolution for family-run businesses.

AGC strongly supports legislation by Reps. Jennifer Dunn (R-Wash.) and John Tanner (R-Tenn.) H.R. 8 and Senator Ben Campbell (R-Colo.) S. 38, that would reduce death taxes by 5 percent per calendar year until completely eliminated. AGC also strongly supports bills by Rep. Chris Cox (R-Calif.) H.R. 86 and Sen. Jon Kyl (R-Ariz.) S. 56, to immediately repeal the death tax.

Editors Note: Please see our advertisement calling for Congress to Demolish the Death Tax in the Thursday, April 22, 1999 edition of Roll Call. The artwork may also be viewed on the AGC website, http://www.agc.org/, What’s New.

The Associated General Contractors of America is the nation’s largest and oldest construction trade association, founded in 1918. AGC represents more than 33,000 firms, including 7,500 of America’s leading general contractors, and 12,000 specialty-contracting firms. Over 14,000 service providers and suppliers are also associated with AGC, through a nationwide network of chapters.

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http://www.agc.org/   dayd@agc.org

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