Madonia opened her statement describing the modest beginnings her father had in starting a business in the HVACR Industry in 1973. As a next generation wholesaler, she went on to tell legislators that the business now has eight branches in three states, with 92 employees and making almost $40 million in revenue.
“To pay an estate tax bill, my family could have to sell parts of the company. That would mean shutting down branches, laying off workers or liquidating inventory just to be able to pay a tax bill that only occurred because an owner died,” she explained. “Even worse, our company might have to be sold outright.”
Madonia was one of only two business owners participating in the press conference which also included sponsors Senator Thune and Representative Brady, Senate Minority Leader Mitch McConnell (R-KY), ranking member of the Senate Finance Committee Orrin Hatch (R-UT), Representative Mike McIntyre (D-NC), Representative Kristi Noem (R-SD) and Grover Norquist, President of Americans for Tax Reform.
She is the co-chair of HARDI’s government and trade relations committee and the repeal of the estate tax has been one of the top agenda items for the committee in the recent past.
“The estate tax continues to place an undue burden on businesses in our industry and small businesses everywhere,” said Talbot Gee, executive vice president and COO of HARDI. “A significant portion of our members are family businesses, and they generate an estimated 80 percent of the dollar value of HVACR products sold through distribution. Repealing the estate tax to help preserve these businesses remains a top priority for our organization and we are grateful that HARDI has such an able spokesperson on this issue, like Karen Madonia.”