Rand Paul to sign Tax Repeal Pledge at Atlas Machine and Supply, Inc
Family business owners are rallying to protect the jobs of their employees, positions that will be jeopardized if the Federal Estate Tax is reinstated as scheduled in 2011. The 55-percent federal estate tax offers major threats to businesses like Kentucky-based Atlas Machine and Supply, Inc., a 103 year-old, fourth generation family-owned business.
In the midst of one of the most heated political races in the nation, Atlas is uniting with U.S. Senate candidate Rand Paul and the American Family Business Institute (AFBI) to address the important problem. A news conference is scheduled for Thursday, October 21, 2010 at 10 AM, at the company’s headquarters, located 7000 Global Drive in Louisville, Kentucky.
During the event:
- Rand Paul will sign a Death Tax Repeal Pledge, committing his vote to repeal the tax
- Atlas President Rich Gimmel will share how the estate tax threatens his company’s future
- Family business owners will engage in a round table discussion with Senate candidate Rand Paul
- AFBI President Dick Patten will advise owners on how to prevent the tax from killing their business
“This isn’t a rich versus poor issue. It is a jobs issue. It is ridiculous to confiscate a huge part of a business when no money even leaves the company,” says Rich Gimmel, President of Atlas Machine and Supply, Inc.
Like many business owners, Rich Gimmel takes pride in creating jobs, citing the nearly 200 employees at Atlas, his greatest asset. So when business was slow in 2009, Gimmel personally lent Atlas money to avoid layoffs. He credits his grandfather for inspiration, after reviewing his business notes from the Great Depression.
“He sacrificed so much to keep us going in the midst of the worst economic downturn in history,” says Gimmel who believes the death tax can hurt businesses worse than any recession. “If my grandfather were alive, he’d think the current federal government is clueless on how jobs are really created.”
If reinstated, estates exceeding $1 million will be forced to pay the tax, even if values are from within a family business. Not only does this give family- owned companies a huge disadvantage to be globally competitive, it often forces many owners to sell their company just to pay the tax after an owner’s death. Furthermore, new owners are left with a new expense: debt to pay for the sale. Unfortunately, that money usually comes at the expense of employees.
Gimmel supports Dr. Rand Paul for U.S. Senate, (http://www.randpaul2010.com), because he realizes our nation’s people, not its government, are its fundamental strength.
“Rand Paul is the only guy to face the fact that the expansion of our federal government is on an unsustainable course," says Gimmel. "It’s literally sucking inordinate amounts of ambition, freedom, and money out of the people who support it. The United States government is supposed to exist of, by, and for the people -- not the other way around.”
Just over two months remain until the death tax goes from 0% to 55% on January, 1, 2011. Atlas Machine and Supply, Inc., U.S. Senate candidate Rand Paul, and the American Family Business Institute are encouraging the public to help save American jobs by voting for candidates on November 2 who will abolish the Federal Estate tax.
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About Atlas Machine and Supply, Inc.: With over a century of quality service, Atlas helps U.S. industries thrive in a global economy. The company serves virtually all industries: oil, marine, mining, construction, off-highway and manufacturing. Atlas provides the highest skilled machinists, welders, mechanics and technicians available. Emergency service is available nationwide. Learn more about our responsive and efficient solutions for American industry at http:///www.atlasmachine.com or by calling (502) 582-7262 today. Receive insider updates on American industry by joining our conversations on Facebook and Twitter.
Atlas News : 2010-10-19
