Report: 18 Uber-Wealthy Families Led Estate Tax Repeal
Posted on Apr 25, 2006
The families behind Wal-Mart, Gallo wine, Campbell?s soup, and Mars candy, among others, engaged in a deceptive, multi-million dollar lobbying campaign to repeal the tax, according to a report by two watchdog groups. It’s “one of the biggest con jobs in recent history,” reads the news release.
Public Citizen and United for a Fair Economy:
WASHINGTON, D.C. ? The multimillion-dollar lobbying effort to repeal the federal estate tax has been aggressively led by 18 super-wealthy families, according to a report released today by Public Citizen and United for a Fair Economy at a press conference in Washington, D.C. The report details for the first time the vast money, influence and deceptive marketing techniques behind the rhetoric in the campaign to repeal the tax.
It reveals how 18 families worth a total of $185.5 billion have financed and coordinated a 10-year effort to repeal the estate tax, a move that would collectively net them a windfall of $71.6 billion.
The report profiles the families and their businesses, which include the families behind Wal-Mart, Gallo wine, Campbell?s soup, and Mars Inc., maker of M&Ms. Collectively, the list includes the first- and third-largest privately held companies in the United States, the richest family in Alabama and the world?s largest retailer.