FMI Applauds Senate for Vote to Cut Taxes and Repeal Estate Tax, Calls for Faster Repeal

Washington, DC - May 26, 2001 — “We applaud the Senate for voting today to give American families and entrepreneurs much-needed tax relief — especially through across-the-board cuts and repeal of the death tax” — said Tim Hammonds, president and CEO of the Food Marketing Institute (FMI) and chairman of the coalition Americans Against Unfair Family Taxation.

“Estate tax repeal will free up billions of dollars for new jobs, economic growth and community service — dollars that family businesses today must essentially waste preparing for and paying the most unfair and convoluted tax in America.

“Our only regret is that this tax could not be abolished sooner. The long phaseout needlessly postpones the numerous ways that repeal will benefit America. It is based on Chicken Little projections of the cost to the U.S. Treasury — projections that fail to account for the offsetting tax revenues that full repeal will generate through economic growth.

“FMI will continue to push for faster repeal and larger rate cuts, working with the Bush Administration and Congress.

“For now, however, we thank the U.S. Senate for taking this first major step toward sending this tax to its grave.”