Toomey Signs Pledge to Repeal the Death Tax Today
Allentown – This afternoon, U.S. Senate candidate and former small business owner Pat Toomey reiterated his support for the permanent repeal of the Death Tax by signing the American Family Business Institute’s Death Tax Repeal Pledge at the family-owned mechanical and electrical contracting firm, Herre Bros., Inc., in Enola, PA.
Pat Toomey has long supported the elimination of the Death Tax and fought to repeal it while serving in Congress by sponsoring the Death Tax Repeal Permanency Act.
“The Death Tax destroys jobs by targeting Pennsylvania’s main economic engine – small and, often family owned, businesses. Simply repealing the Death Tax would create 64,442 jobs in Pennsylvania,” said Pat Toomey. “Congressman Sestak claims to be for small business, but he has voted multiple times against repealing this tax which hits Pennsylvania’s small businesses and farms. Pennsylvania’s small businesses like Herre Bros. need policies that will help them grow and hire more workers, not high taxes.”
Richard McBride, president and CEO of Herre Bros. in Enola, PA echoed Pat’s call to permanently repeal the Death Tax by illustrating the disastrous effect the tax would have on his family’s business.
“If my children were forced to pay an estate tax next year, when the Death Tax rate returns to 55%, it is almost certain that they will be forced to sell our entire company. It simply isn’t possible to keep a company profitable when half or more of its assets are confiscated. With the company would go the 100 jobs we provide in the Enola area – and the hundreds more we would like to provide,” said Richard McBride, president and CEO of Herre Bros., Inc.