U.S. SENATE —U.S. Senator Steve Daines reintroduced legislation to permanently repeal the federal estate tax, more commonly known as the death tax.
The Death Tax Repeal Act of 2017, which would finally end this purely punitive tax that has the potential to hit family farms, ranches, and businesses as the result of the owner’s death.
“The Death Tax is a direct threat to our state’s number one economic driver,” Daines stated. “Montana family farms — many of which have been passed down from generation to generation crumble under the weight of this federal theft.”
The bill is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, Family Business Coalition, the Family Business Estate Tax Coalition, and many others.
The National Cattlemen’s Beef Association applauded the introduction of bipartisan legislation that would permanently kill the onerous death tax.
“As a fourth-generation cattle producer, I can attest that the death tax can wreak havoc with agricultural families, and it’s long past time that we kill it off once and for all,” said NCBA President Tracy Brunner. “We thank Senator Thune and Representatives Noem and Bishop for introducing this common-sense bill and we hope Congress passes it as soon as possible.”
NCBA has long advocated for a full and permanent repeal of the death tax. In fact, 96 percent of American farms & ranches are owned and operated by families. Many farm and ranch families are asset-rich and
The death tax also costs agricultural families a lot in unnecessary and unproductive compliance costs. According to the Joint Economic Committee, for every dollar of tax revenue raised from the death tax, a dollar is wasted in compliance costs. For example, in 2006, it was estimated that family businesses spent $27.8 billion just to comply with the law.
The bill is also sponsored by U.S. Senator John Thune (R-S.D.), U.S. Sens. Lamar Alexander (R-Tenn.), John Barrasso (R-Wyo.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), Thad Cochran (R-Miss.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Mike Enzi (R-Wyo.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Cory Gardner (R-Colo.), Chuck Grassley (R-Iowa), Dean Heller (R-Nev.), John Hoeven (R-N.D.), Jim Inhofe (R-Okla.), Johnny Isakson (R-Ga.), Mike Lee (R-Utah), Mitch McConnell (R-Ky.), Jerry Moran (R-Kan.), Pat Roberts (R-Kan.), Mike Rounds (R-S.D.), Tim Scott (R-S.C.), Richard Shelby (R-Ala.), and Thom Tillis (R-N.C.).
Source: Senator Steve Daines Office and National Cattlemen's Beef Association
