U.S. SENATORS KATIE BRITT, JOHN THUNE, COLLEAGUES LEAD EFFORT TO PERMANENTLY REPEAL THE DEATH TAX
WASHINGTON, D.C., April 6, 2023 – Senator Katie Britt (R-Ala.) joined Senator John Thune (R-S.D.) and 40 of their Senate colleagues in reintroducing legislation to permanently repeal the federal estate tax, more aptly known as the Death Tax. The Death Tax Repeal Act would end this purely punitive tax that has the potential to kill family farms, ranches, and businesses as the result of the owner’s death.
“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,” said Senator Britt. “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. No American farm family, already suffering from the loss of their loved one, should be faced with this devastating choice. This is not only a matter of what is just, but also one that affects our food security. Repealing the Death Tax safeguards Alabama’s over 44,000 farms, 97% of which are family-owned. I 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.”
The Death Tax is a form of double taxation, which is inherently unfair. Adding insult to injury, the Death Tax is more burdensome on people with smaller estates – meaning it predominantly harms working-class landowners, such as mom-and-pop businesses and family farmers and cattlemen. Finally, studies have shown that repealing the Death Tax would spur economic growth, create jobs, and increase wages.
Senators Britt and Thune were joined in cosponsoring the legislation by Senate Minority Leader Mitch McConnell (R-Ky.), Ranking Member of the Senate Finance Committee Mike Crapo (R-Idaho), and Senators John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Mike Braun (R-Ind.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), 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.), 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.), John Kennedy (R-La.), James Lanford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Jerry Moran (R-Kan.), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), and Roger Wicker (R-Miss.).
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.
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