WASHINGTON, D.C. – The U.S. Chamber of Commerce today urged President Clinton to join Congress and sign 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.

"President Clinton should carefully consider the overwhelming public support for eliminating the death tax, before he carries out his veto threat," said Thomas Donohue, Chamber President and CEO. "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 arm of the government should not reach beyond the grave."

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.

"The President should recognize the fundamental unfairness of an additional 55 percent tax on the previously taxed assets of business owners and farmers upon their death, " said Donohue. "Successful businesses should not be punished with an onerous after-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.

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