Karen Madonia, chief financial officer of Countryside, Ill.-based ILLCO Inc.,wrote a guest blog that appeared in The Hill, a Capitol Hill blogging news site. Madonia maintains that an analyst critical of Donald Trump’s proposal to eliminate the death tax in his tax plan got it wrong. “He [the analyst] believes the next generation of a family business and its employees should be punished simply because a business owner dies, and I wholeheartedly disagree,” Madonia writes.
Madonia points out that under the onerous burden of a death tax, ILLCO, and presumably many other family businesses, would have to sell part or all of the business just to pay off the estate tax.
Madonia has been the leading public voice for HARDI on this issue and has already testified before Congress on the negative impact of the estate tax on business. To read the entire blog, visit http://bit.ly/2a57YkI.
She has been a sterling example that business people, most of whom would rather tend to the companies they run, can’t stand onthe sidelines as legislators and critics introduce legislation that can hurt their firms.