FMI Praises House for Cutting Taxes and Repealing Estate Tax — ‘A Major Step Forward, Yet Work Remains to be Done’

Washington, DC - May 26, 2001 — The tax-cut plan passed by the House today is “a victory for fairness, free enterprise and families across America,” said Tim Hammonds, president and CEO of the Food Marketing Institute (FMI) and chairman of the coalition Americans Against Unfair Family Taxation.

“Repeal of the death tax — the most unfair tax in America — will lift a major burden off the backs of thousands of entrepreneurs. This vote shows that repeal is not about politics. It’s not about economic class. It’s about killing a tax with rates as high as 60 percent, a tax that destroys family businesses, a tax that costs jobs, a tax that stifles economic growth.”
Plan Sets Course for Repeal — ‘Now We Must Stay That Course’

“The plan sets a course that will help family businesses compete and flourish in the years to come,” Hammonds said. “The long phaseout period, however, challenges the family business community. Now we must remain vigilant and stay that course to ensure that the death tax is buried for good. It’s a major step forward, yet work remains to be done.

“In addition, we will work with Congress and the Bush Administration to increase and accelerate the rate cuts. The sooner this tax is killed, the faster family businesses can grow, create jobs and serve their communities with the billions of dollars once used for estate tax planning, excessive life insurance premiums and the tax itself.

“While these challenges lie ahead, let us celebrate the moment. We thank the House for its courage, endurance and leadership in passing this complex and highly contested legislation. We urge the Senate to follow suit, building on its bipartisan support for the measure. And we thank President Bush for standing by his convictions, which will make this historic tax cut a reality.”