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NFIB endorses
Small-Savers Act, pushes for death tax
relief
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Release Date:
06/23/99
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WASHINGTON, D.C.,
June 23, 1999 -- The small business group NFIB
today endorsed a new small-saver tax-relief bill
and urged the authors of the legislation to
include an additional top priority for small
business, repeal of the death tax.
The
NFIB put its support behind the Small-Savers Act
of 1999.Introduced by U.S. Sens. Paul Coverdell
(Ga.) and Robert Torricelli(N.J.), the Act
expands the 15 percent tax bracket by $10,000
over five years and increases the limits on
contributions to traditional Investment
Retirement Accounts (IRAs) from $2000 to $3000.
"The typical NFIB member earns between
$40,000 and $50,000 per year, while
approximately two-thirds of our members pay
their business taxes as individuals. Raising the
lowest income-tax bracket benefits these members
by reducing their tax burden and the complexity
of the code," said NFIB's Vice President of
Federal Public Policy Dan Danner. Danner also
praised the IRA contribution increase as helpful
because for many NFIB members, their businesses
and their IRAs are their only savings vehicles.
NFIB urged Coverdell and Torricelli to
include the elimination of the most unfair tax
on small business owners, the death tax, in
their new bill. "Death taxes can wipe out years
of hard work and savings by small businessmen
and women, taxing family businesses right out of
the family. It makes perfect sense that a bill
devoted toward encouraging savings and growth
would include NFIB's top tax-cut priority --
elimination of the death tax. This tax is
perhaps the most destructive tax to family
businesses," said Danner.
The National
Federation of Independent Business (NFIB)
represents more than 600,000 small- and
independent-business owners in all 50
states.
CONTACT: McCall
Cameron or Mary
Crawford at
202.554.9000.
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