Toomey pledges repeal of estate tax
September 21, 2010
Appearing at Herre Bros., Inc. in East Pennsboro Twp., Republican U.S. Senate nominee Pat Toomey said repealing the federal estate tax, which critics call the "Death Tax," would retain jobs.
"The Death Tax destroys jobs by targeting Pennsylvania's main economic engine - small, and often family owned, businesses," Toomey said.
The estate tax expired at the end of 2009 after Congress failed to act upon it. Without legislative action, the estate tax rate would rise to 55 percent on estates worth more than $1 million in 2011.
In 2009, the top tax rate was 45 percent, and it kicked in on estates worth $3.5 million or more. The Obama administration has proposed returning the tax to its 2009 level.
Richard McBride, the president of Herre Bros., said that if his children had to pay a 55-percent estate tax, "it is almost certain that they will be forced to sell our entire company."