Apr 18, 2002
Washington, DC — April 18, 2002 — “Today the House voted to end once and for all the nightmare known as the death tax so that family businesses can fully pursue the American dream,” said Tim Hammonds, president and CEO of the Food Marketing Institute (FMI) and chairman of the anti-estate tax coalition Americans Against Unfair Family Taxation.

He issued the statement after the House approved an amendment to make permanent the repeal measure, which is due to expire in 2011.

“Killing this tax altogether would provide the economy an immediate stimulus,” he said. “Family businesses would be freed from the burden of spending billions of dollars a year in costly estate planning and special life insurance to avoid or cover the tax.

“Instead, they could invest these billions in new stores, better customer service, advanced technology and, most importantly, in the people needed to drive this economic growth.”

“Permanent repeal,” he added, “would also provide a powerful long-term economic stimulus. Family businesses create two-thirds of the jobs in the U.S. economy. They have the versatility to meet fast-changing consumer demands. And they are cited among the most generous community servants across all industry sectors.

“We now urge the Senate to send the permanent death tax repeal measure to President Bush, who has left no doubt that he would sign it.”