CONTACTS: Linda Rozett/David Felipe
(202) 463-5682 / 888-249-NEWS

 

Wednesday, June 18, 2003

 

 

WASHINGTON, D.C. – The United States Chamber of Commerce today applauded House lawmakers for repealing the death tax and called on the Senate to once again follow suit for American’s family-owned businesses and farms.

 

The bill, passed by a 264-163 vote, would permanently abolish taxes on estates.

 

 “The future prosperity and potential of a family-owned business should not be harmed by the long arm of the IRS,” said Thomas Donohue, Chamber President and CEO.  “This is a victory for business owners, farmers, and families who have faced an additional 55 percent tax on their assets.” 

 

 The Chamber has long pushed for a full repeal of the death tax – preserving the livelihood of many small business owners, protecting the jobs of their workers and looking out for the interests of local communities without a substantial revenue loss to the federal government.

 

 Small business owners identified permanent repeal as one of their most pressing concerns.  The Chamber initiated a large grassroots push to repeal the death tax over the past year and encouraged tens of thousands of its members to write their Representatives.  The Chamber will urge Senators to pass similar legislation when it comes up for a vote later this year.

 

 “Death should not be a taxable event,” continued Donohue.  “It is now up to the Senate to protect American families who have worked hard all their lives from being forced to sell their business or assets 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.

 

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