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Key Manufacturing Vote Card - Estate Tax
(House)
June 8,
2000
Dear Representative:
On behalf of the 14,000 members of the
National Association of Manufacturers (NAM), including approximately
10,000 small and mid-sized manufacturers, I urge you to vote "yea"
on H.R. 8, the Death Tax Elimination Act.
Estate tax rates as high as 55 percent
force the sale of many small manufacturing companies upon the
owner’s death. The death tax burden far exceeds the liquid assets of
most manufacturing families. When a small company is sold, the
employees and local community often suffer as well. While many
family-owned companies develop estate planning strategies, these are
costly and time-consuming. In fact, the Joint Tax Committee reported
that the death tax generates costs to taxpayers, the economy and the
environment that exceed its revenue benefits.
Currently, only one third of
family-owned businesses survive into the next generation. For many
of the two-thirds that don’t, death taxes are a prime reason. This
is very short-sighted tax policy – a business that has to close and
sell off assets to pay a death tax stops paying income taxes
and payroll taxes – employees lose jobs and the government loses
revenue.
The vote for the Death Tax Elimination
Act (H.R. 8) will be considered for designation as a Key
Manufacturing Vote in the NAM voting record for the
106th Congress.
Sincerely, Jerry
Jasinowski President
*Votes considered for
designation as NAM Key Manufacturing Votes are approved in advance
by our members who serve on the Key Vote Advisory Committee.
Eligibility for the NAM's Award for Manufacturing Legislative
Excellence for the 106th Congress will be based on a member's record
on Key Manufacturing Votes. |