Jonesboro Plant Owner Testifies Before Congress about "Death Tax" - KAIT Jonesboro, AR - Region 8 News, weather, sports

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Jonesboro Plant Owner Testifies Before Congress about "Death Tax"

WASHINGTON - In a testimony today to the Senate Finance Committee, Eugene Sukup, founder and chairman of Sukup Manufacturing of Jonesboro, urged the Senate to permanently repeal the death tax, pointing out that it "discourages entrepreneurs" and "destroys family businesses" while jeapordizing the jobs of his 350 employees.

"Businesses like Sukup Manufacturing are the backbone of the economy," he said.  "If my wife and I died today, we estimate that our estate tax liability would be somewhere between $15 and $20 million.  The only way for my sons to pay that tax would be to sell off the business."

Founded in 1962 in Sheffield, Iowa, Sukup Manufacturing produces farm equipment, such as grain storage bins.

 

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