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Wamp Urges Clinton to Sign Death Tax Repeal

 
August 25, 2000

Congressman Zach Wamp has called on President Clinton to sign a bill to repeal the Death Tax and provide relief to America's farmers and small businesses.

 

"This bill passed the House by a solid, bipartisan majority. President Clinton says he'd like to eliminate the unfair death tax. I hope his actions will match his words," Wamp said. "I urge small business people, farmers and working families to let him know how strongly they support this long overdue reform.

 

 Unfortunately, with President Clinton deeds don't always match rhetoric. He said he?d like to eliminate the unjust marriage penalty in our tax code, but then he vetoed the bill that would have done that."

 

Congress recently passed the "Death Tax Elimination Act" (H.R. 8) by a vote of 279-136 with 65 Democrats supporting the bill. The measure repeals the estate and related taxes within 10 years. It was sent to the White House on August 24.

 

"Not only does repealing the death tax help small businessmen and farmers, but it is also good for our economy," Wamp said. "Fully 60 percent of small business people say that they could create new jobs in the next year if the death tax were repealed."

 

Families are often forced to sell their businesses and farms to pay the death tax. According to the National Federation of Independent Business, more than 70 percent of small businesses do not survive the second generation.

And 87 percent do not make it to the third generation.

 

"Americans should not be forced to pay the undertaker and the IRS at the same time," Wamp said. "It's high time we repealed this unfair tax. Mr. President, please join us in eliminating this cruel burden on American small businesses and farmers."

 

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