Death Tax Repeal Legislation Introduced in Congress
HARDI Spokesperson Addresses Capitol Hill
Legislation to repeal the estate tax has been introduced in both the House and the Senate, a move applauded by multiple representatives and small businesses during a press conference. Among the featured speakers was Karen Madonia, CFO, Illco Inc., Aurora, Ill., and co-chair of HARDI’s government and trade relations committee. The repeal of the estate tax has been one of the top agenda items for the committee, and Madonia spoke at the Capitol Hill press conference to announce and applaud this legislative move. The legislation, introduced by Sen. John Thune, R-S.D., and Rep. Kevin Brady, R-Texas, would fully repeal the estate tax.
“We don’t believe that death ought to be a taxable event,” said Thune. “If you look at what families go through in the grieving process, it’s really ironic that we penalize and punish them through the tax code after they’ve worked very hard over a lifetime to build up some equity and some assets that they hope to be able to pass on to the next generation.”