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.