Richmond Pharmacist Edloe Dispenses Thoughts on Estate Tax

Richmond Times-Dispatch

Editor, Times-Dispatch: There have been a number of statements regarding why Virginia should or should not move toward repeal of the so-called death tax, which is imposed on assets when someone dies. It affects assets or wealth most families want to see transferred to their children or grandchildren.

In my case, the death tax will tax the value my late father and I have built over 58 years in three pharmacies I own and manage in Richmond. Through this business I have built a professional career and provided food and shelter for my family. This business also is the base from which I contribute to my community. As a business-owner who employs 21 Virginia residents, I can say first-hand that my company's assets already are taxed at several levels. They shouldn't be taxed at my death, too.

I now am devoting time and money to plan for the costs associated with the death tax - resources that could be better used expanding my pharmacies and creating more jobs. There's no nice way to say this: The death tax can kill a business. The idea that my family would have to sell off the pharmacies scares me. A lifetime of work would be destroyed by a massive tax bill based on an unfair tax.

I want to thank the members of the legislature, including those in Richmond, who support this common-sense legislation. Tomorrow they will meet one more time. The bills to repeal the death tax will be before them again. I hope they remember the small and locally owned businesses that are the backbone of our community's economy. I hope the General Assembly remains united on repealing the death tax.

Leonard Edloe. Richmond.