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AIADA Calls House Passage of Death Tax Repeal 'Most Significant Advance Ever'

9 June 2000

AIADA Calls House Passage of Death Tax Repeal 'Most Significant Advance Ever'

    WASHINGTON - Following passage today of the Death Tax Elimination Act by the
House of Representatives, Barbara Vidmar, chairman of the American International
Automobile Dealers Association hailed the vote as "the most significant advance 
in death tax relief ever."

    "The death tax can be a death sentence for family-owned automobile
dealerships," said Vidmar. The majority of automobile dealerships are family-
owned businesses, some of which have been in the family for generations. Upon
the death of the dealer principal, surviving heirs must pay death taxes of up
to 55 percent of the estate's total value -- in cash -- to the federal
government. To pay these unreasonably high taxes, heirs often must sell the
business, break it up or liquidate their assets. "Death tax relief is a top
legislative priority for AIADA and we will continue to fight on this issue
until the tax is gone," Vidmar continued.

    About AIADA

    AIADA is the trade association representing America's 10,000 international
nameplate automobile dealerships and their more than 360,000 employees. These
retailers sell and service automobiles manufactured both in the U.S. and
abroad, and have a positive economic impact both nationally and in the local
communities they serve.