News Room

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

May 26, 2001
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.”
   

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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