U.S. Senators Katie Britt, John Thune Safeguard Family Farms with Effort to Repeal Death Tax
WASHINGTON, D.C. – U.S. Senator Katie Britt (R-Ala.) joined Majority Leader John Thune (R-S.D.) and 44 of their Senate colleagues in reintroducing 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 and small businesses as the result of the owner’s death.
“The Death Tax unjustly forces the next generation of farm families to decide between bankruptcy or selling their farm to a corporation. No American farm family, already suffering from the loss of their loved one, should be faced with this devastating choice,” said Senator Britt. “Repealing the Death Tax safeguards Alabama’s incredible farmers and cattlemen who work tirelessly throughout their lives to feed and clothe our state, nation, and world. 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. The Death Tax Repeal Act would ensure working-class landowners, such as mom-and-pop businesses and family farmers and cattlemen, are protected from this costly tax burden and enabled to continue owning and operating these multigenerational businesses when faced with the death of a family member.
“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Leader 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.”
Senator Britt was also a proud cosponsor of the Death Tax Repeal Act in the 118th Congress.
This legislation is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.
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