FOR IMMEDIATE RELEASE
June 9, 2000
"The death tax can be a death sentence for family-owned automobile dealerships," said Vidmar. The majority of automobile dealerships are family-owned businesses, some of which have been in the family for generations. Upon the death of the dealer principal, surviving heirs must pay death taxes of up to 55 percent of the estate's total value -- in cash -- to the federal government. To pay these unreasonably high taxes, heirs often must sell the business, break it up or liquidate their assets.
"Death tax relief is a top legislative priority for AIADA and we will continue to fight on this issue until the tax is gone," Vidmar continued.
About AIADA
AIADA is the trade association representing America's
10,000 international nameplate automobile dealerships and their more than
360,000 employees. These retailers sell and service automobiles manufactured
both in the U.S. and abroad, and have a positive economic impact both nationally
and in the local communities they serve. Visit AIADA on the Internet at
www.aiada.org.
CONTACT: | Lori Weaver-Barnes, APR, Director of Public Relations |
(703) 519-7800 / PR@aiada.org |
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