Death Tax: Now That’s Good Coverage

By November 14, 2007Taxation

The headline from the KETV news in Omaha: “Buffett, Sukup Differ On Estate Tax

OMAHA, Neb. — Two Midwestern titans of industry told lawmakers in Washington, D.C., what they want done with the estate tax.

Omahan and Berkshire Hathaway head Warren Buffett urged the Senate Finance Committee not to eliminate the estate tax. Buffett said that the money from the tax should be used to help close the gap between the super-rich and the middle class.

Eugene G. Sukup, Chairman of the Board and founder of Sukup Manufacturing Co., in Sheffield, Iowa, said he wants the estate tax banished.

“I’m here today to tell you that one of the greatest threats to our family-owned business is the estate tax. If my wife Mary and I died today, we estimate that our estate tax liability would be somewhere between $15 and $20 million dollars. The only way for my sons to pay that tax would be to sell off the business,” Sukup said in prepared statements submitted to the committee.

Sukup also has a plant in Aurora, Neb.

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