(John Latshaw) – U.S. Senators Katie Britt, Tommy Tuberville, John Thune, and 39 of their colleagues have reintroduced The Death Tax Repeal Act, which would permanently repeal the federal estate tax, more accurately known as the Death Tax.
They argue that this purely punitive tax can potentially kill family farms, ranches, and businesses due to the owner’s death, and would therefore end it for good.
Sen. Britt argues that Alabama’s incredible farmers and cattlemen work tirelessly throughout their lives to feed and clothe our state, nation, and world while responsibly stewarding their land for future generations. The Death Tax effectively forces the next generation of farm families to decide between bankruptcy or selling their farm to a corporation or a foreign entity. This is not only unjust, but it also affects our food security.
Repealing the Death Tax safeguards Alabama’s over 44,000 farms, 97% of which are family-owned. Britt will continue to fight to protect the ability of Alabama farmers, cattlemen, and small business owners to live the American Dream and pass on their family’s legacy and livelihood to their children.
Sen. Tuberville also argues that the Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans. Our government should be focused on creating an economic environment that preserves small businesses and family farms instead of taxing them out of operation. Policies that incentivize our next generation of farmers and business owners are necessary so that we can continue to rely on their contributions for a strong economy.
Sen. Thune agrees, arguing that agriculture is the backbone of South Dakota’s economy. For years, he has fought to protect farm and ranch families from the onerous and unfair death tax.
Family-owned farms and ranches often bear the brunt of this tax, which makes it difficult and costly to pass these businesses down to future generations. He will continue to do everything in his power to remove these roadblocks for family businesses and repeal the death tax once and for all.
The Senators argue that the Death Tax is a form of double taxation, which is inherently unfair. Furthermore, the Death Tax can be more burdensome on people with smaller estates – meaning it predominantly harms working-class landowners, small businesses, and family farmers and cattlemen. The sponsors claim that studies have shown that repealing the Death Tax would spur economic growth, create jobs, and increase wages.
The bill is supported by members of the Family Business Coalition and the Family Business Estate Tax Coalition, including the American Farm Bureau Federation, the National Cattlemen’s Beef Association, the National Federation of Independent Businesses, the Associated General Contractors of America, the National Association of Home Builders, the National Association of Manufacturers, and many others.
The Death Tax Repeal Act would put an end to the harmful and unjust Death Tax. By doing so, it would safeguard American farms and small businesses, create jobs, and spur economic growth. It has the support of key stakeholders and members of Congress, and should be passed without delay.