Washington, D.C.–U.S. Senators Mike Crapo, Ranking Member of the Senate Finance Committee, and Jim Risch (both R-Idaho) joined Senator John Thune (R-South Dakota), Ranking Member of the Finance Committee Subcommittee on Taxation and Internal Revenue Service Oversight, to reintroduce legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that has the potential to hit family-run farms, ranches and businesses as the result of the owner’s death.
“High federal taxes should not prevent farmers, entrepreneurs and savers–who have worked a lifetime to leave something to the next generation–from passing their business to their children,” said Crapo. “We need to permanently repeal this punitive tax, and I thank Senator Thune for leading this years-long effort.”
“Idaho farms and small businesses are built upon years of hard work,” said Risch. “Family trades are passed down from one generation to the next. The death tax presents an unfair and costly roadblock to maintaining these family legacies. Repealing the death tax is commonsense and will preserve the generational farms and businesses that are the foundation of our great state.”
Forty-one Senators have agreed to co-sponsor the legislation.
The bill is supported by more than 150 members of the Family Business Coalition and 111 members of the Family Business Estate Tax Coalition, which includes the American Farm Bureau Federation, the National Cattlemen’s Beef Association, National Federation of Independent Businesses, the Associated General Contractors of America, the Policy and Taxation Group, the National Association of Home Builders, the National Association of Manufacturers and many others.