CONTACTS: Frank Coleman/Linda
Rozett
(202)463-5682/888-249-NEWS
Thursday, June 8,
2000
U.S. Chamber Says
"Death to the Death
Tax"
WASHINGTON,
D.C. – The United States Chamber of Commerce strongly urged Congress
to end the "death tax," when it comes up for a vote tomorrow. HR 8
phases out federal estate taxes over the next ten years and also
repeals the federal gift and generation-skipping transfer
taxes.
"The death
tax can quickly turn the American dream into a nightmare. It forces
families to close businesses built over generations and eliminate
good-paying jobs, because heirs must sell to pay the death tax,"
said Cecelia Adams, Chamber director of congressional and public
affairs. "Further, it raises little revenue, is costly to collect
and has spawned a whole industry to avoid paying it."
The Death
Tax Elimination Act, sponsored by Representatives Jennifer Dunn
(R-WA) and John Tanner (D-TN), has 244 cosponsors, including over 4
dozen Democrats. The bill that will be voted on tomorrow is nearly
identical to the death tax provision in last year’s Taxpayer Refund
and Relief Act that President Clinton vetoed.
"Although
immediate repeal is preferable, this legislation will gradually
eliminate the death tax. It’s totally unjust for the federal
government to slap an enormous tax on the estate of American
taxpayers when a loved one dies," Adams said. "Death should not be a
taxable event."
The U.S.
Chamber of Commerce is the world’s largest business federation
representing more than three million businesses and organizations of
every size, sector and region.
# # #
00-77