|
FOR
IMMEDIATE RELEASE
September 23, 1999
Contacts:
Dennis S. Day,
703-837-5310
Phil Thoden,
703-837-5363
PRESIDENT WRONG to VETO TAX CUT
PACKAGE
Washington, D.C.
– The Associated
General Contractors of America (AGC) today criticized
President Clinton for vetoing the $792 billion tax cut passed
by Congress.
AGC President Terry Deeny said, “When the government
runs a surplus, logic dictates that taxpayers are paying too
much and the surplus funds should be returned to them. Unfortunately,
President Clinton wants to keep the surplus in Washington and
save it for more big government spending programs. Today, he has turned
his back on American taxpayers.”
Particularly important for family-owned construction
firms included in this tax bill was the elimination of the
death (estate) tax.
Construction companies are capital intensive and hit
hard by this tax that can total up to 55% of all company
assets.
“President Clinton is wrong to veto this bill. Without death tax
relief, the more a family-owned construction company grows the
more it will simply lose to the IRS upon the death of the
company owner,” added Deeny. “We are disappointed
by this veto, and will urge Congress to pass another tax cut
bill this year that includes death tax elimination and that
the President can sign.”
The Associated General Contractors of America is the
largest and oldest national 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.
http://www.agc.org/
dayd@agc.org
Back
to 1999 Press Releases |
MY
PROFILE
