Death tax repeal introduced
Created: 3/15/21 (Mon) | Topic: Issues
WASHINGTON – U.S. Senator Kevin Cramer (R-ND) joined Senator John Thune (R-SD) in introducing the Death Tax Repeal Act, legislation to permanently repeal the federal estate tax, known as the “death tax.”
“Only in Washington does it make sense to have someone owe the federal government money simply because their loved one died,” said Senator Cramer. “Our legislation builds on the good work of the Tax Cuts and Jobs Act and fully repeals the death tax, delivering a win for North Dakota’s farmers, ranchers, and small business owners.”
The federal estate tax was reduced through the Tax Cuts and Jobs Act but was not fully repealed, as this legislation would accomplish. The bill is supported by the American Farm Bureau Federation, the National Cattleman’s Beef Association, National Federation of Independent Business NFIB, the National Association of Manufacturers, the Associated General Contractors of America, and the National Taxpayers Union, among others.
“Senator Cramer, on behalf of America's farm and ranch families, thank you for your support of S.617, the Death Tax Repeal Act,” said American Farm Bureau President Zippy Duvall. “The American Farm Bureau believes that tax laws should protect, not harm the family farms that grow America's food and fiber, and give sons and daughters the ability to follow the agricultural legacy of their parents. We continue to support estate tax repeal and pledge to work with you to secure enactment of S.617, the Death Tax Repeal Act of 2021.”
“After a challenging year, there is no better time for Congress to repeal unnecessary and burdensome taxes on our nation’s small businesses. Forty-four percent of NFIB members view the estate tax as a very important issue. Now is the time to repeal it so small business owners can focus on rebuilding their livelihoods. We are thankful for Senator Cramer for this continued support of small businesses,” said NFIB State Director of North Dakota Alison Ritter.
“Repeal of the Death Tax is not only good but it is the right thing to do,” said NDFB President Daryl Lies. “Farmers and ranchers work their whole lives building their legacy for the next generation, and to think a large tax upon their death could potentially end or put additional stress on the transfer to their family is not what our Founding Fathers envisioned as the American Dream! I applaud this action to repeal it, as it will help insure smooth transitions for families in the care and stewardship of their family farms and ranches."