COLUMBUS, Ohio — Legislation to repeal the Estate Tax has been introduced and Karen Madonia, CFO, Illco Inc., Aurora, Ill., spoke at a Capitol Hill press conference to announce and applaud this legislative move. The legislation, introduced by Sen. John Thune (R-SD) and Rep. Kevin Brady (R-TX), would fully repeal the estate tax.
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.”