Richard Franey, vice president of sales for Cardinal-Virginia Concrete Company, Springfield, Va., May 11 joined House Republican Conference Chairman Deb Pryce (R-Ohio) and Rep. Jim Nussle (R-Iowa) to speak at a Capitol Hill press conference highlighting the positive impact that President George W. Bush’s Jobs and Growth Package has had on the U.S. economy and small businesses nationwide.
Franey, who currently serves as chairman of ABC Virginia, told the audience at the House Republican Conference event how Cardinal-Virginia Concrete parent company Florida Rock Industries, Jacksonville, Fla., increased its business 24 percent between FY 2002 and FY 2004 and is currently experiencing another record year. Additionally, Franey called on Congress to further reduce burdens on small businesses by permanently repealing estate taxes, commonly known as “death” taxes.
“Congress should fully eliminate the death tax,” said Franey, “Construction companies are frequently small, family-owned businesses and are particularly hard hit by the death tax burden, since the value of these businesses is not in liquid assets. Due in large part to the death tax, more than 70 percent of all family-owned businesses do not survive through their second generation, and 87 percent do not make it to a third generation, making the death tax one of the leading causes of the termination of successful small businesses in America.”
In her remarks, Pryce highlighted the strong growth of the U.S. economy in recent months, noting that “House Republicans have been and will continue to do the heavy lifting that yields tangible relief, opportunity and prosperity for all Americans.
“Just last month, the economy added nearly 275,000 jobs to the nation’s payroll—that’s 275,000 careers begun for Americans who have been looking to get their feet on solid ground and start planning for their future and the future of their families,” said Pryce.
For more information, contact Danielle Ringwood at ABC, ringwood@abc.org.