“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 (FMI) conducts programs in public affairs, food safety, research, education and industry relations on behalf of its nearly 1,250 food retail and wholesale member companies in the United States and around the world. FMI’s U.S. members operate more than 25,000 retail food stores and almost 22,000 pharmacies with a combined annual sales volume of nearly $650 billion. FMI’s retail membership is composed of large multi-store chains, regional firms and independent operators. Its international membership includes 126 companies from more than 65 countries. FMI’s nearly 330 associate members include the supplier partners of its retail and wholesale members.
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