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Estate (Death) Taxes |
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00-283 CONTACTS: FOR IMMEDIATE RELEASE NAM SAYS DEFEAT OF DEATH TAX REPEAL VETO OVERRIDE DISAPPOINTING Manufacturers Cite Strong Majority Vote As Sign Repeal Effort Will Eventually Prevail WASHINGTON, D.C., Sept. 7, 2000 - The National Association of Manufacturers today expressed disappointment with the failure of the U.S. House of Representatives to garner the two-thirds vote necessary to override President Clinton’s veto of bipartisan legislation to eliminate the estate tax, also known as the "death tax." At the same time, though, the association said that the strong, bipartisan majority vote in favor of overriding the veto boded well for the future success of the death tax repeal effort. "Today’s vote is a direct slap in the face of family-owned companies. The House members who switched their votes at the ‘eleventh hour’ turned their backs on family-owned firms and their employees," noted Dorothy B. Coleman, NAM’s vice president for tax policy. "Those who gave up on this legislation by not supporting the override fail to recognize that business owners pay for the estate tax each day they do business. NAM's small and mid-sized manufacturers, on average, pay almost $52,000 a year on estate tax planning - money that could be better spent on reinvesting in the company or providing training for employees." Moreover, in cases where heirs sell a business to pay death taxes, the employees and local community often suffer as well. Coleman further noted, "The NAM commends the 274 members of the House who once again supported repeal of the death tax by voting to override the President's veto. This represents an unprecedented third time that a majority of House members in the 106th Congress have voted to repeal this onerous burden. We believe this strong bipartisan support guarantees the future success of the repeal effort. The NAM and its members will continue to work diligently to ensure that this legislation becomes law. "The phase-out of the burdensome death tax will dramatically reduce the time, money and energy spent by business owners on estate planning, saving many companies that today must be sold for purely tax reasons upon the death of their founders. These hard-working entrepreneurs should not have to contemplate seeing their lives’ work vanish because a huge tax erodes what they have worked to create," concluded Coleman. Be sure to visit our award-winning web site at www.nam.org for more information about legislative, policy and economic developments affecting manufacturers, employees and the economy.
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