African-American Business Leaders Call for End to Estate Tax

Apr 02, 2001, 01:00 ET from Black Entertainment Television

    WASHINGTON, April 2 /PRNewswire/ -- An impressive list of African-American
 business leaders and entrepreneurs, including Black Entertainment Television
 Chairman and CEO Robert Johnson, today announced a call for the repeal of the
 estate tax.  The group's perspective on the tax will be unveiled in full-page
 ads appearing in The Washington Post and New York Times on Wednesday, April 4.
     Repeal of the tax is being sought for a range of reasons, including the
 fact that accumulated wealth is actually taxed twice -- once when it is earned
 and again upon the death of the earner.  This level of taxation poses a
 serious threat to the likelihood that African American-owned businesses can be
 passed on to future generations as part of a family's long-term legacy.
 According to the National Black Chamber of Commerce, individuals who work
 hard, achieve wealth and pay regular taxes along the way should not be
 penalized with punitive tax when he or she dies -- a position that this group
 of African-Americans openly endorses.
     By definition, the estate tax is the amount of taxes paid to the
 government based on fair market value of an individual's property and assets
 at the time of death.  Outstanding liabilities are subtracted from that
 taxable amount.  Distribution of an estate is dictated by a will or living
 trust, with the beneficiaries responsible for paying the estate tax.
     In addition to BET's Johnson, the group seeking the estate tax repeal
 consists of more than 40 successful African Americans from a range of
 industries.  Included on the list are Earl Graves, chairman, editor and
 publisher of Black Enterprise magazine; Herman Russell, chairman of H. J.
 Russell & Company, a construction and real estate development company; Alexis
 Scott, publisher and CEO of the Atlanta Daily World newspaper; Ernie Green,
 managing director of global financial services giant Lehman Brothers; Dave
 Bing, former pro basketball great and the Bing Group of automotive suppliers;
 Ed Lewis, chairman and CEO of Essence Communications, publishing interests
 that includes Essence magazine; Nate Goldston, III, chairman, president and
 CEO of Gourmet Services, Inc., an Atlanta-based catering company; and Charlie
 W. Johnson, president and CEO of Active Transportation Company, a supplier of
 truck transport services.
 
     Following is the complete list African-American business leaders
 supporting the call for an end to the estate tax:
 
     FIRST NAME      LAST NAME      TITLE               COMPANY NAME
     Warren          Anderson       President & Owner   The Anderson-Dubose
                                                         Company
     Clarence        Avant          President           Interior Music
     Dave            Bing           Chairman            The Bing Group
     Thomas J.       Burrell        Chairman            Burrell Communications
                                                         Group
     Gregory B.      Calhoun        CEO                 Calhoun Enterprises
     Cleveland A.    Christophe     Managing Partner    TSG Capital Group, LLC
     Kenton          Clarke         President           Computer Consulting
                                                         Associates
     Keith           Clinkscales    Chairman & CEO      Vanguarde Media
     Barry           Cooper         CEO                 Black Voices.com
     W. Don          Cornwell       CEO                 Granite Broadcasting
                                                         Corporation
     Comer J.        Cottrell       Owner               Cottrell Investments
     David           Dalton         President & CEO     Health Resource Inc.
     Lemuel          Daniels
     Chester C.      Davenport      Managing Director   Georgetown Partners
                                                         L.L.C.
     Samuel          Dickens, III   President & CEO     Premier Circuit
                                                         Assembly, Inc.
     Gerald D.       Edwards        President & CEO     Engineered Plastic
                                                         Products, Inc.
     Nathaniel R.    Goldston, III  Chairman,           Gourmet
                                     President & CEO     Services, Inc.
     Earl G.         Graves, Sr.    Publisher & CEO     Black Enterprise
                                                         Magazine
     Ernest          Green          Managing Director   Lehman Brothers
     A. Wade         Houston        CEO                 JHT Holdings, Inc.
     Alice K.        Houston        President & CEO     Automotive Carrier
                                                         Services
     Gwendolyn       Iloani         President & CEO     Smith Whiley & Company
      Smith
     Don             Jackson        Chairman & CEO      Central City
                                                         Productions, Inc.
     Charlie W.      Johnson        President & CEO     Active Transportation
     Robert L.       Johnson        Chairman & CEO      BET Holdings, Inc.
     Debra L.        Lee            President & COO     BET Holdings, Inc.
     Butch           Lewis          President & CEO     Butch Lewis
                                                         Productions, Inc.
     Byron           Lewis          Chairman & CEO      UniWorld Group, Inc.
     Ed              Lewis          Chairman & CEO      Essence Communications
     Alfred          Liggins        CEO                 Radio One, Inc.
     Denise H.       Lloyd          President & CEO     D. H. Lloyd &
                                                         Associates, Inc.
     Dr. Samuel      Metters        President & CEO     Metters Industries,
                                                         Inc.
     B. Doyle        Mitchell, Jr.  President & CEO     Industrial Bank, N.A.
     Dominic         Ozanne         President           Ozanne Construction
                                                         Company
     Mamon           Powers, Jr.    President           Powers & Sons
                                                         Construction Co.
     John L.         Procope        Chairman            E.G. Bowman Company,
                                                         Inc.
     Herman J.       Russell        Chairman            H. J. Russell & Company
     Alexis          Scott          Publisher & CEO     Atlanta Daily World
     Sydney L.       Small          Chairman            Access 1 Communications
                                                         Corp.
     Maurice B.      Tose'          President           TeleCommunications
                                                         Systems
     Leon            Tupper         President           Gilreath Manufacturing,
                                                         Inc.
     Houston L.      Williams       CEO                 Pacific Network Supply,
                                                         Inc.
     James           Winters        President           United Energy, Inc.
 
 

SOURCE Black Entertainment Television
    WASHINGTON, April 2 /PRNewswire/ -- An impressive list of African-American
 business leaders and entrepreneurs, including Black Entertainment Television
 Chairman and CEO Robert Johnson, today announced a call for the repeal of the
 estate tax.  The group's perspective on the tax will be unveiled in full-page
 ads appearing in The Washington Post and New York Times on Wednesday, April 4.
     Repeal of the tax is being sought for a range of reasons, including the
 fact that accumulated wealth is actually taxed twice -- once when it is earned
 and again upon the death of the earner.  This level of taxation poses a
 serious threat to the likelihood that African American-owned businesses can be
 passed on to future generations as part of a family's long-term legacy.
 According to the National Black Chamber of Commerce, individuals who work
 hard, achieve wealth and pay regular taxes along the way should not be
 penalized with punitive tax when he or she dies -- a position that this group
 of African-Americans openly endorses.
     By definition, the estate tax is the amount of taxes paid to the
 government based on fair market value of an individual's property and assets
 at the time of death.  Outstanding liabilities are subtracted from that
 taxable amount.  Distribution of an estate is dictated by a will or living
 trust, with the beneficiaries responsible for paying the estate tax.
     In addition to BET's Johnson, the group seeking the estate tax repeal
 consists of more than 40 successful African Americans from a range of
 industries.  Included on the list are Earl Graves, chairman, editor and
 publisher of Black Enterprise magazine; Herman Russell, chairman of H. J.
 Russell & Company, a construction and real estate development company; Alexis
 Scott, publisher and CEO of the Atlanta Daily World newspaper; Ernie Green,
 managing director of global financial services giant Lehman Brothers; Dave
 Bing, former pro basketball great and the Bing Group of automotive suppliers;
 Ed Lewis, chairman and CEO of Essence Communications, publishing interests
 that includes Essence magazine; Nate Goldston, III, chairman, president and
 CEO of Gourmet Services, Inc., an Atlanta-based catering company; and Charlie
 W. Johnson, president and CEO of Active Transportation Company, a supplier of
 truck transport services.
 
     Following is the complete list African-American business leaders
 supporting the call for an end to the estate tax:
 
     FIRST NAME      LAST NAME      TITLE               COMPANY NAME
     Warren          Anderson       President & Owner   The Anderson-Dubose
                                                         Company
     Clarence        Avant          President           Interior Music
     Dave            Bing           Chairman            The Bing Group
     Thomas J.       Burrell        Chairman            Burrell Communications
                                                         Group
     Gregory B.      Calhoun        CEO                 Calhoun Enterprises
     Cleveland A.    Christophe     Managing Partner    TSG Capital Group, LLC
     Kenton          Clarke         President           Computer Consulting
                                                         Associates
     Keith           Clinkscales    Chairman & CEO      Vanguarde Media
     Barry           Cooper         CEO                 Black Voices.com
     W. Don          Cornwell       CEO                 Granite Broadcasting
                                                         Corporation
     Comer J.        Cottrell       Owner               Cottrell Investments
     David           Dalton         President & CEO     Health Resource Inc.
     Lemuel          Daniels
     Chester C.      Davenport      Managing Director   Georgetown Partners
                                                         L.L.C.
     Samuel          Dickens, III   President & CEO     Premier Circuit
                                                         Assembly, Inc.
     Gerald D.       Edwards        President & CEO     Engineered Plastic
                                                         Products, Inc.
     Nathaniel R.    Goldston, III  Chairman,           Gourmet
                                     President & CEO     Services, Inc.
     Earl G.         Graves, Sr.    Publisher & CEO     Black Enterprise
                                                         Magazine
     Ernest          Green          Managing Director   Lehman Brothers
     A. Wade         Houston        CEO                 JHT Holdings, Inc.
     Alice K.        Houston        President & CEO     Automotive Carrier
                                                         Services
     Gwendolyn       Iloani         President & CEO     Smith Whiley & Company
      Smith
     Don             Jackson        Chairman & CEO      Central City
                                                         Productions, Inc.
     Charlie W.      Johnson        President & CEO     Active Transportation
     Robert L.       Johnson        Chairman & CEO      BET Holdings, Inc.
     Debra L.        Lee            President & COO     BET Holdings, Inc.
     Butch           Lewis          President & CEO     Butch Lewis
                                                         Productions, Inc.
     Byron           Lewis          Chairman & CEO      UniWorld Group, Inc.
     Ed              Lewis          Chairman & CEO      Essence Communications
     Alfred          Liggins        CEO                 Radio One, Inc.
     Denise H.       Lloyd          President & CEO     D. H. Lloyd &
                                                         Associates, Inc.
     Dr. Samuel      Metters        President & CEO     Metters Industries,
                                                         Inc.
     B. Doyle        Mitchell, Jr.  President & CEO     Industrial Bank, N.A.
     Dominic         Ozanne         President           Ozanne Construction
                                                         Company
     Mamon           Powers, Jr.    President           Powers & Sons
                                                         Construction Co.
     John L.         Procope        Chairman            E.G. Bowman Company,
                                                         Inc.
     Herman J.       Russell        Chairman            H. J. Russell & Company
     Alexis          Scott          Publisher & CEO     Atlanta Daily World
     Sydney L.       Small          Chairman            Access 1 Communications
                                                         Corp.
     Maurice B.      Tose'          President           TeleCommunications
                                                         Systems
     Leon            Tupper         President           Gilreath Manufacturing,
                                                         Inc.
     Houston L.      Williams       CEO                 Pacific Network Supply,
                                                         Inc.
     James           Winters        President           United Energy, Inc.
 
 SOURCE  Black Entertainment Television