Cramer, Thune Introduce Death Tax Repeal Act

WASHINGTON, D.C. – The impacts of the federal estate tax, often referred to as the death tax, were reduced in 2017 with the passage of theTax Cuts and Jobs Act,which doubled the amount exempt from the tax and tied it to inflation. These tax cuts, unless extended, expire in 2025. In particular, the death tax significantly impacts family farms, ranches, and small businesses.
U.S. Senator Kevin Cramer (R-ND) joined U.S. Senate Majority Leader John Thune (R-SD) in introducing theDeath Tax Repeal Act. This legislation would permanently repeal the federal estate tax and generation-skipping transfer taxes, reduce the federal gift tax from 40 percent to 35 percent, and retain the full step-up in basis.
“Taxing the assets of people who have died is wrong on multiple levels, starting with the fact the same income is taxed twice, during life and after death,”said Cramer.“It’s hard to imagine a less moral government imposition than taxing death.”
“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,”said 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.”
Cramer supported related efforts when Congress debated theTax Cuts and Jobs Act.
The bill is endorsed by supported by more than190 members of the Family Business Coalitionand more than105 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.
Cosponsors of the bill include U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).
Clickherefor bill text.
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