In February, U.S. Rep. Kevin Brady, R-Texas, introduced a bill to the U.S. House of Representatives that would repeal the federal estate tax, which is the fourth highest estate tax in the world, according to the Tax Foundation. The estate tax, Brady argues, “is an overwhelming cause of the dissolution of family businesses” and a “significant hindrance to entrepreneurial activity because many family businesses lack sufficient liquid assets to pay estate tax liabilities.”
In a show of support for Brady’s bill — HR 1105: Death Tax Repeal Act of 2015 — Karen Madonia, CFO, ILLCO Inc., urged Congress to pass the legislation during a March 25 hearing in the House Committee on Ways and Means. “I personally find it fundamentally wrong to place a tax on death,” said Madonia, who also serves as co-chair of Heating, Air-conditioning & Refrigeration Distributors International’s (HARDI’s) government relations committee.