“The supermarket industry applauds the Senate for voting to repeal the federal estate tax. This historic vote is a victory for the American Dream. It kills a tax that penalizes success, that discourages saving, that prevents entrepreneurs from passing along the legacy of a lifetime’s work to their children."
“The greatest beneficiaries are the millions of family businesses that must pay billions of dollars a year on special insurance, tax accountants, tax attorneys, estate planners and other experts just to reduce the burden of this extremely unfair and destructive tax."
“Repeal will return those billions to local communities, where supermarkets and other businesses can add jobs, expand consumer services and improve the quality of life where people live and work.”
The bill, titled The Death Tax Elimination Act (H.R. 8), was approved by a 20-vote margin, 59-39, with 9 Democrats joining 50 Republicans in support of the measure. Since the legislation is identical to the one passed by the House, it will now go directly to President Clinton for his final consideration.
“Given the large margin of victory in both the House and Senate,” Hammonds said, “we urge President Clinton to respond to the will of American citizens everywhere and sign the death warrant for this tax.”
Food Marketing Institute proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org.
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