Republican Senators John Boozman, John Thune and Mitch McConnell are leading an effort to permanently repeal the death tax. The Death Tax Repeal Act would permanently repeal the federal estate tax, more commonly known as the death tax.
Senator Boozman says, “The Death Tax hangs over too many family agriculture operations and small businesses as a potential destroyer of generations worth of work and investment.” Senator Thune adds, “I will continue to do everything in my power to remove these roadblocks for family businesses and repeal the death tax once and for all.”
The legislation also has backing from a majority of Senate Republicans and is supported by more than 150 members of the Family Business Coalition and 111 members of the Family Business Estate Tax Coalition, which includes the American Farm Bureau Federation.
Senate Majority Leader McConnell concludes, “Washington Democrats need to recognize the economic damage they’ve inflicted and join Republicans in ending this harmful tax.”