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Treasurer's candidate defends changes to bankruptcy law Wednesday, Sep 21, 2005 By Doug Thompson Arkansas News Bureau FAYETTEVILLE - State treasurer candidate Mac Campbell, former tax adviser to Sen. Blanche Lincoln of Little Rock, defended recent federal changes to bankruptcy laws and the proposed reduction of the estate tax when he appeared before the Senior Democrats of Northwest Arkansas on Tuesday. "Many people are forced into bankruptcy by health costs. That's true, but that's because Congress has done nothing on health care," Campbell said. "It's not a bankruptcy problem. It's a health care problem. It's not the local banker's job to pay for health care" when people default on loans because of health care costs. Campbell spoke at a lunch meeting of the group at the Western Sizzlin' steakhouse in Springdale. "We should focus on the things that cause bankruptcy, not bankruptcy law," Campbell said. Poverty and a lack of financial experience are big problems in the state, he said: "Thirty percent of Arkansans don't have a bank account, no relationship to a bank at all." As for the estate tax, there are family-owned businesses paying $100,000 and more a year for life insurance for the business founder because, when he or she dies, the family will face a potentially business-killing inheritance tax bill, Campbell said. Corporations, which don't die natural deaths, don't have such expenses and are trying to buy out such smaller businesses, he said. Campbell is running against incumbent Gus Wingfield for treasurer in the Democratic primary. He was tax counsel for Lincoln from her election in 1998 to 2005. He is an attorney from Harrison. Campbell told the group that his experience in finance would be put to good use in the treasurer's office, since the treasurer's main duty is to get the highest yield on investment of state funds. One question asked from the crowd was whether Campbell would employ family members, as Wingfield does. Campbell said that Democrats need to keep the primary at a high, issue-based level and he would not make an issue out of Wingfield's decisions in that area. "I'll leave that to the media," he joked. At least Wingfield has relatives to hire, the unmarried Campbell said. Another audience member asked Campbell about companies providing credit cards to college students, and asked whether he opposed that practice. "A lot of people who are 19 years old are raising families. That's the problem with raising age limits on credit cards and suggestions like that," Campbell said. "When that teenage parent's tire blows out on the car, they need a new tire." |
