Sen. Chuck Grassley joined Sens. John Thune (R-S.D.), Mike Crapo (R-Idaho), Senate Republican Leader Mitch McConnell (R-Ky.), Joni Ernst (R-Iowa) and dozens of their Senate colleagues in reintroducing legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act of 2021, would finally 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.
“The death tax is an outdated barrier for keeping family farms and businesses where they’re supposed to be; in the family,” Grassley said. “And with all the difficulties our farmers have faced during the pandemic, they don’t need one more costly system getting in the way of their work to feed and fuel the world. Rather than sending even more taxes to Washington, D.C, it would be far better to allow family farms to keep this money so they can invest in the rural communities they are located in to create new opportunities.”
In addition to Grassley, Thune, Crapo, McConnell and Ernst, the bill is cosponsored by Sens. 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.), Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), John Hoeven (R-N.D.), James Inhofe (R-Okla.), John Kennedy (R-La.), 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.).
The Death Tax Repeal Act of 2021 is supported by the American Farm Bureau Federation, the National Cattleman’s Beef Association, NFIB, the National Association of Manufacturers, the Family Business Coalition, the Family Business Estate Tax Coalition, the Policy and Taxation Group, the Associated General Contractors of America, the National Taxpayers Union and many others.
Original source can be found here.
