“We are pleased to see rate reduction,” Hammonds said, “but if there is an agreement this year, the rates should be reduced further. Significant rate reduction is the only meaningful relief for asset-rich and cash-poor industries such as ours, in which a single supermarket puts companies well over the exemption levels.
“This proposal is a good starting point for a bipartisan agreement to achieve significant estate tax rate reduction this year — and, ultimately, full repeal.”
FMI leads a coalition of industry groups pushing for estate tax rate reduction this year — Americans Against Unfair Family Taxation. Hammonds serves as its co-chairman.
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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