TANA APPLAUDS SENATE ON PASSAGE OF DEATH TAX REPEAL

    RESTON, VA (July 14, 2000) – The Tire Association of North America (TANA), formerly NTDRA, today praised the Senate for passing the “Death Tax Elimination Act” XX-XX. This bill will eliminate the burdensome estate tax on small businesses and family farms.

    “TANA is thrilled that the Senate has followed the House and voted to repeal the death tax,” said Tom Wright, president of TANA. “Repeal of this tax will free up a business’s money to hire new people or implement training programs instead of pouring it into estate planning. Or it means families won’t be stuck liquidating a business to pay the taxes if someone didn’t plan ahead.”

    The Death Tax Elimination Act will phase-out the estate tax over a ten-year period starting in 2001 by lowering the tax rates. It is estimated that the estate tax brings in less than two percent of the Department of Treasury’s revenue, yet it puts businesses out of business and taxpayers out of work.

    “The estate tax is considered one of the most egregious taxes in existence,” said MacDicken. “A person works all their life, builds a business and the government takes taxes of up to 55% just because they’ve died. And this is on assets that have been taxed throughout the lifetime of the individual.”

    TANA has been fighting for estate tax repeal through lobbying efforts, letter and fax campaigns and phone calls. TANA is also an active member of the Family Business Estate Tax Coalition.

    Contact: Ross Kogel Via e-mail at: rkogel@gte.net or call 800-876-8372


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