(Washington D.C.) Senator Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, has joined Senate Majority Leader John Thune (R-S.D.) and 44 other senators in reintroducing legislation aimed at permanently repealing the federal estate tax, commonly referred to as the death tax.
The Death Tax Repeal Act seeks to eliminate this punitive tax that can impact family-run farms, ranches, and businesses following the owner’s death.
“After a farmer or business owner dedicates a lifetime of hard work to their family business, the death tax imposes an unaffordable burden on the next generation when a loved one passes away. This outdated measure prevents family farms and businesses from remaining with their families. Our legislation would eliminate this tax, allowing family farms to retain their earnings, invest in their rural communities, and create new opportunities,” Grassley stated.
“Family farms and ranches are essential to our economy and serve as the lifeblood of rural communities in South Dakota. Losing even one of these businesses to the death tax is one too many. It’s time to completely abolish this burdensome tax so that family farms, ranches, and small businesses can grow and thrive without the costly estate planning or significant tax burdens that can jeopardize their viability,” Thune remarked.
