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Dick Patten
Executive Director

Carrie Simms
Assistant E.D.

Josh Kahn
Director of Communications

Howard Segermark
Senior Consultant

 

American Family
Business Institute
1920 L Street, NW
Suite 200
Washington, DC 20036
(202) 969-2444
(202) 969-2445 fax

 

 

Gulf Coast Needs Immediate, Retroactive Relief From Death Tax, Says American Family Business Institute; Small Industry In Region Must Rebuild, Provide Jobs
 

Washington, D.C.—September 4…As was done for the victims of the 9/11 attacks, residents of the 90,000-square- mile swath of destruction caused by Hurricane Katrina should immediately and retroactively be exempted from the 47% federal death tax, the American Family Business Institute(AFBI) today said.

The AFBI said that this is both the moral and economically right thing to do in light of the utter devastation the hurricane wrought.

“Family businesses in these states will face enormous challenges in the coming weeks, months, and years,” said AFBI Executive Director Dick Patten. “They will need to rebuild businesses that, in some cases, may virtually no longer exist. Rebuilding them is critical not only for the families who own the businesses, but for the tens of thousands of people they employ, who will desperately need jobs to put their lives back together.”

Eighty-seven percent of businesses in the United States are family-owned, employing half the American workforce, according to the AFBI.
“The death tax is a proven drag on the American economy,”

Mr. Patten continued, “and the Gulf Coast region cannot afford it while it begins to rebuild. Taking half of what families have earned at a time like this would be morally indefensible and economically foolish. We are hopeful that Representatives of the Gulf Coast region and from across the nation will embrace this call and do the right thing for families and family-businesses in the affected region.

“There are some saying that death tax relief would be ill- timed in light of this emergency. But families and family- run businesses know just the opposite is true: This is the time to spark economic growth and rebuilding in the affected region and across an America that no doubt will be feeling the effects of Katrina for years to come.”

 

 
© 2006 American Family Business Institute