Senators put forth a bill to repeal the death tax

 

Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator John Boozman (R-Arkansas) joined U.S. Senate Majority Leader John Thune (R-South Dakota) and 45 of their Senate Republican colleagues today to reintroduce legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

 

The legislation is cosponsored by U.S. Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), and Todd Young (R-Ind.). Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-Iowa).

 

“Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family’s livelihood is neither fair nor good for the economy. This legislation would end the federal death tax, making it much easier to preserve a family’s legacy and way of life,” said Senator Cotton. 

 

“Arkansas’s farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,” said Senator Boozman. “They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.”

 

“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Senator Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

 

Text of the bill can be found here.