Bankers Unified in Fight to Repeal Estate Tax
American Banker (08/24/00) Vol. 104, No. 34 p.4A; Jarlenski, Marian

Banking trade groups and lobbyists are pooling their voices and influence to persuade Congress to repeal the federal estate tax. Supporters of the effort say abolishing the "death tax," would serve the interests of small, privately owned or closely held banks and their clients, most of which are small-business owners. Proponents of invalidating the act say the act is enormously unfair to farmers, who may not have enough cash stored up for their retirement. Among the legion of community groups backing the campaign is the Independent Community Bankers of America, which along with the American Bankers Association, hopes to drum up enough congressional votes to pass the Death Tax Elimination Act, which proposes to gradually phase out taxes from the highest rate of 55 percent over the span of a decade. However, President Clinton has promised to veto the measure if it reaches his desk.


Back   |  IRA.com Home   |  News Archive