|
|
CONTACTS: Frank Coleman/Linda Rozett
(202)463-5682/888-249-NEWS Thursday, September 7,
2000 Chamber Urges Congress to Override
Clinton Veto - Death Tax Repeal Important to American
Families WASHINGTON, D.C. - The United
States Chamber of Commerce today urged Congress to override
Clinton's veto of the Death Tax Elimination Act of 2000, which
phases out federal estate taxes over the next ten years and also
repeals the federal gift and generation-skipping transfer taxes.
"The long arm of the IRS should not reach beyond the grave,"
said Thomas Donohue, Chamber President and CEO. "The public is
overwhelmingly opposed to this tax because they recognize the
fundamental unfairness of an additional 55 percent death tax on the
previously taxed assets of business owners and farms." Full
repeal of the death tax would mean only a small revenue loss to the
federal government, according to the Chamber, but repeal would
preserve the livelihood of many small business owners, protect the
jobs of their workers and serve the interests of the local
community. Furthermore, the tax is costly to collect and has
spawned a whole industry to avoid paying it. "Death should
not be a taxable event," said Donohue. "American families that
have worked hard for generations to build up a business or farm
should not be forced to sell in order to pay a death tax."
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.
# #
# 00-130
|