March 13,2001

Grassley Announces Hearing on the Death Tax

Hearing: “Preserving and Protecting Family Business Legacies”

Committee on Finance, Subcommittee on Taxation and IRS Oversight

Date/time: Thursday, March 15, 2001, at 10 a.m.

Location: 215 Dirksen Senate Office Building

Description: Sen. Chuck Grassley, chairman of the Committee on Finance, and President Bushrecognize that the estate tax, or “death” tax, imposes a tremendous financial burdenon the heirs of family business owners. The son or daughter of a family farmer orsmall business owner can’t inherit the family business without paying a large taxpenalty. A growing number of members of Congress believe this penalty is unfairand advocate repealing or reforming the tax. The Subcommittee on Taxation andIRS Oversight will convene a hearing to explore the estate tax burden and proposedlegislation to repeal or fundamentally reform the tax.

Witness List

A Panel Consisting of:
< Thomas A. and Janet Lovell, Clear Lake Independent Telephone Company, Clear Lake, Iowa

< K.L. Bliss, Bliss Livestock Company, Sand Springs, Mont.

< Thomas D. Goodner, Goodner’s Supermarkets, Duncan, Okla.

< John R. Sumption, Sumption Farms Partnership, Fredericks, S.D.

< William H. Gates Sr., testifying on behalf of Responsible Wealth, a non-profit corporationof Boston, Mass.

A Panel Consisting of:
< Gary Robbins, Economist, President of Fiscal Associates, testifying on behalf of the Institutefor Policy Innovation, Arlington, Va.

< Wilbur A. Steger, Ph.D., Economics, President of Consad Research Corporation and AdjunctProfessor of Policy Sciences, The Heinz School, Carnegie Mellon University, Pittsburgh, Pa.

< Howard E. Abrams, Professor of Law, Emory University and former Director of Real EstateTax Knowledge, Deloitte & Touche, LLP, Atlanta, Ga.

< Stefan F. Tucker, Partner, Venable, Baetjer, Howard & Civiletti, LLP and former Chair ofthe American Bar Association, Section of Taxation, Washington, D.C.