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As the cliché goes, there are only two certainties in life: death and taxes. But, they're intertwined. When you go to the great beyond, the government generally wants its cut, which is just under half the size of your estate, provided it reaches a certain size. Yep: The government can be your biggest heir, whether you like it or not.
Every few years, the estate tax, also known as the death tax, flares up as an issue. On the one side, politicians say people with large estates should redistribute some of that wealth to the common good by giving it back to government coffers. Critics, though, charge that the government has no right to money accumulated--and, more importantly, taxed already--throughout a person's life.
It can make for some strange political bedfellows. Billionaires like Warren Buffett and Bill Gates are actually in favor of higher estate tax rates, even though they have the most to lose from it. On the other hand, several minority groups have pushed for a reduction in estate-tax rates, since it makes passing on neighborhood small businesses to their families financially prohibitive.
Home / Markets / Industries / Retail
Thursday, March 13, 2008
Target: Label for Carbon Monoxide-Treated Meat on the Way
Associated Press
WASHINGTON--A Target Corp. (TGT) official told a congressional panel Wednesday that Hormel Foods (HRL) and Cargill are close to putting a label on meat to let consumers know when it's been treated with a gas to make it look fresher.
Target divisional merchandise manager Danielle Lachman said that federal officials have approved language that Hormel and Cargill will use on the packaging. The label will say "Color is not an accurate indicator of freshness. Refer to use or freeze by" date, Lachman told members of a House Energy and Commerce investigative subcommittee looking into food safety.
The label will go into use as soon as this month, Lachman said.
Hormel Foods Corp. and Cargill Inc. use carbon monoxide technology in a joint venture called Precept Foods to help meat retain its red color.
Last fall, Target, Cargill and Hormel -- all based in Minnesota -- appeared before the same subcommittee. The panel's chairman, Bart Stupak, D-Mich., opposes the carbon monoxide treatment, arguing its sole purpose is to fool consumers about the freshness of the product.
At that earlier hearing, Target said it was working to add the labels, and Hormel and Cargill said they'd be willing to add labels if necessary.
Lachman said that Precept officials told Target that the Department of Agriculture's Food Safety Inspection Service had approved language for the label; Cargill and Hormel confirmed that account. FSIS officials had no immediate comment on the approval.
Target spokeswoman Susan Giesen said that there are two Precept applications in front of FSIS.
"The first was approved and will appear on our packages as early as the end of March," she said. "The second was just submitted last week."
The meat industry for years has typically used carbon monoxide in packages to help meat retain its red color. Although federal officials approved the practice, consumer advocates say it makes meat look fresh long after its expiration date.
Last
year, several supermarket chains agreed to stop selling meats packaged in carbon monoxide after the House panel wrote letters
expressing concern and seeking information.
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