Mar 09 2021
WASHINGTON – Sens. John Kennedy (R-La.) and John Thune (R-S.D.) and fellow lawmakers today reintroduced the Death Tax Repeal Act of 2021 to permanently repeal the federal estate tax, commonly known as the “death tax.” The Death Tax Repeal Act would finally end a punitive tax that has the potential to hit family-run farms, ranches and businesses upon the owner’s death.
“The death tax is lethal to many family-run businesses and farms. Louisianians shouldn’t lose a legacy of family work to a punishing, illogical tax burden. By ending the death tax, we can make it easier for families to pass their farms and businesses to the next generation,” said Kennedy.
“I’ve fought hard to repeal the onerous and unfair death tax since I came to Washington, including by leading the effort in 2017 to protect more farm and ranch families from it. Family-owned farms and ranches, like those in South Dakota, can bear the brunt of this tax, which oftentimes makes it difficult and costly to pass these businesses down to future generations. Agriculture is our state’s top industry, which is why I remain committed to removing roadblocks for these family businesses, and we can start by repealing the death tax once and for all,” said Thune.
Sens. Mitch McConnell (R-Ky.), Mike Crapo (R-Idaho), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), John Hoeven (R-N.D.), James Inhofe (R-Okla.), Roger Marshall (R-Kan.), Jerry Moran (R-Kan.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Rick Scott (F-Fla.), Richard Shelby (R-Ala.) and Roger Wicker (R-Miss.) also co-sponsored the legislation.
This bill is supported by the American Farm Bureau Federation, National Cattleman’s Beef Association, National Federation of Independent Business, National Association of Manufacturers, Family Business Coalition, Family Business Estate Tax Coalition, Policy and Taxation Group, Associated General Contractors of America, National Taxpayers Union and many others.
Rep. Jason Smith (R-Mo.) introduced companion legislation in the House of Representatives.